Capital Group's Strategic Move: A Stake in CarTrade Tech

Capital Group acquired a 3.03% stake in CarTrade Tech for approximately Rs 440 crore via open market transaction. The shares were bought from Goldman Sachs. Meanwhile, Amansa Capital sold part of its stake in Saregama India, reducing its holding from 2.75% to 1.48%.

On Thursday, Capital Group made a significant investment move by acquiring over 3% stake in CarTrade Tech, a prominent multi-channel automotive platform, for Rs 440 crore. This strategic acquisition was executed through an open market transaction.

The US-based investment firm, through its affiliate SmallCap World Fund, purchased more than 14.44 lakh equity shares at an average price of Rs 3,044.58 each, comprising a 3.03% stake in the Navi Mumbai-headquartered company, as per data from BSE.

In parallel, Goldman Sachs divested 10,71,379 shares, equating to a 2.25% stake in CarTrade Tech, at an average rate of Rs 3,044.49 per share. This sale totaled Rs 326.18 crore. Shares of CarTrade closed down 3.72% at Rs 3,054.50 on BSE.

In a related transaction on NSE, Singapore-based Amansa Capital slimmed its ownership in Saregama India Ltd by selling a 1.3% stake for Rs 95 crore. Consequently, Amansa's stake in the Kolkata-based music label reduced from 2.75% to 1.48%, while Saregama shares rose by 4.36% to Rs 397 each on NSE.

(With inputs from agencies.)