CarTrade shares fell after Highdell, MacRitchie offload 13% stake

Highdell Investment and MacRitchie Investments on Monday sold 13 per cent stake in CarTrade. Highdell sold 8.67 per cent to mop up Rs 337 crore, while MacRitchie sold another 4.33 per cent to raise Rs 168 crore. They sold over 6 million shares at around Rs 829 apiece. Shares of CarTrade fell 2.3 per cent to end at Rs 834. CarTrade offers multi-channel platforms to facilitate buying and selling of automobiles. It owns brands such as CarWale, CarTrade, Shriram Automall and BikeWale.

 

The company came out with a Rs 3,000-crore IPO in August 2021, where it sold shares at Rs 1,618 apiece. At the end of the March 2024 quarter, Highdell Investment held 17.36 per cent of the company, while Macritchie Investments held another 16.31 per cent.