TPG Capital exits Landmark Cars; sells 11.25% stake for Rs 293 crore

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Major US-based private equity firm TPG Capital on Friday sold its entire 11.25 percent stake in the Landmark Cars chain of auto dealerships for Rs 293 crore through an open market transaction.

With this deal, TPG exited the car dealership.

According to block deal data available with the National Stock Exchange (NSE), TPG through its subsidiary TPG Growth II SF Pte Ltd has liquidated a total of 44.56 lakh shares, which represents an 11.25 per cent stake in Landmark Cars.

The data showed that the transaction was done at a price of Rs 658 per share, which brought the transaction volume to Rs 293 crore.

These shares have been picked up by a group of investors, such as Societe Generale, Goldman Sachs Funds, Unifi Capital, Abakkus Asset Manager LLP, 3P India Equity Fund 1 and ICICI Prudential Life Insurance Company.

After the deal, Landmark Cars shares rose about 10 percent to end trading at Rs 727 on the New York Stock Exchange.

According to the shareholding pattern of the exchanges, TPG owned 44.56 thousand shares or 11.25 percent of Landmark Cars during the quarter ended March 31, 2023.

Landmark Cars, which made its stock market debut in December 2022, is India’s leading luxury car retailer with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.

Earlier this week, TPG divested its entire stake in NBFC Shriram Finance through an open market transaction.

In another block deal on BSE, Nishant Pitti, a promoter of Easy Trip Planners Ltd, offloaded Rs 6.25 crore equity, amounting to 3.26 per cent stake, in the company worth more than Rs 266 crore.

The shares were sold at an average price of Rs 42.6 to Wilson Holdings.

Pitti owned more than 32 percent of the shares of Easy Trip Planners, which operates the online platform EaseMyTrip, as of the March quarter.

Meanwhile, Shapoorji Pallonji and Company Pvt Ltd offloaded 35,000 shares of Sterling & Wilson Renewable Energy Ltd for Rs 103 crore through a syndicated deal on NSE.

Shares of Easy Trip Planners settled down 2 per cent at Rs 42.1 on NSE while Sterling & Wilson Renewable shares closed at Rs 289.45, down 2.87 per cent from the previous close.