WestBridge Capital has recently divested a 1.2% stake in IndiaMART InterMESH, a prominent online B2B marketplace, for Rs 190 crore through open market transactions.
This move was executed via WestBridge Crossover Fund LLC, with 7.3 lakh shares sold in two separate block deals on the Bombay Stock Exchange (BSE). The shares were sold at an average price of Rs 2,601 each, totaling Rs 189.87 crore.
SBI Mutual Fund and Morgan Stanley Asia (Singapore) were the buyers at the same price, driving IndiaMART InterMESH shares to rise by 1.25% to Rs 2,648.80 apiece post-transaction.
Concurrently, Rajat Agrawal, a promoter of Gravita India, divested a 2% stake valued at Rs 191 crore through a significant block deal on the BSE. Agrawal sold 14 lakh shares at an average price of Rs 1,365 per share, reducing his stake in Gravita India from 41.35% to 39.35%.
The transaction also decreased the combined promoters’ stake in Gravita India to 64.48% from 66.48%. The shares were acquired by Oxbow Capital Management from Hong Kong, propelling Gravita India’s stock to surge by 11.98% to close at Rs 1,541 per share on the BSE.