PhonePe Sells 5% Stake in MapmyIndia Parent for Rs 486 Crore

PhonePe, a subsidiary of Walmart-controlled Flipkart, sold a 5% stake in CE Info Systems, MapmyIndia's parent company, for Rs 486 crore in an open market deal. Post-sale, PhonePe's ownership reduced to 13.74%. Mutual funds purchased a 2.4% stake, valuing the deal collectively at Rs 230 crore.

In a significant move, PhonePe, a major player in digital payments and a subsidiary of Walmart-controlled Flipkart, has offloaded a 5% stake in CE Info Systems, the company behind MapmyIndia. The stake sale was executed through an open market transaction, fetching Rs 486 crore.

Following the transaction, shares of CE Info Systems experienced a 9.39% drop, closing at Rs 1,768.75 on the Bombay Stock Exchange. According to BSE data, PhonePe unloaded 27.21 lakh shares at an average price of Rs 1,786.22 each, leading to a notable reduction in its holding from 18.74% to 13.74%.

In a concurrent development, notable mutual funds including Motilal Oswal MF, ICICI Prudential MF, and Tata MF acquired 12.88 lakh shares, approximating a 2.4% stake in CE Info Systems. The acquisition was done at an average price of Rs 1,785 per share, amounting to Rs 230 crore. Further details about additional buyers remain undisclosed in the BSE database.

(With inputs from agencies.)