WestBridge Capital offloads 1.2% stake in IndiaMART for Rs 190 Cr

Private equity firm WestBridge Capital has offloaded a 1.2% stake in IndiaMart InterMESH for Rs 190 crore through open market transactions.

WestBridge Capital, through its affiliate WestBridge Crossover Fund LLC, sold shares of IndiaMART InterMESH, an online B2B marketplace, through two separate block deals on the Bombay Stock Exchange (BSE).

As per the data available with BSE, WestBridge Crossover Fund LLC disposed of 7.3 lakh shares or a 1.2% stake in IndiaMART InterMESH in two tranches.

The shares were offloaded at an average price of Rs 2,601 apiece, taking the deal size to Rs 189.87 crore.

These shares were purchased by SBI Mutual Fund and Morgan Stanley Asia (Singapore) at the same price.

Shares of IndiaMART InterMESH gained 1.25% to close at Rs 2,648.80 apiece on the BSE.

In another block deal on the BSE, Rajat Agrawal, one of the promoters' of Gravita India, pared a 2% stake in the company for Rs 191 crore.

As per the block deal data available, Agrawal sold 14 lakh shares, amounting to a 2% stake in Gravita India.

The shares were disposed of at an average price of Rs 1,365 per piece, taking the transaction value to Rs 191.10 crore.

After the stake sale, the shareholding of Rajat Agrawal in Gravita India has declined to 39.35% from 41.35%.

Also, the combined stake of promoters in Gravita India has reduced to 64.48% from 66.48%.

These shares were bought by Hong Kong-based Oxbow Capital Management at the same price.

On Friday, the scrip of Gravita India surged 11.98% to close at Rs 1,541 apiece on the BSE.

Gravita India is engaged in the manufacturing and recycling of lead, aluminium and plastic products.