US-based private equity major TPG Capital sold its entire 11.25 per cent stake in automobile dealership chain Landmark Cars for Rs 293 crore through an open market transaction. With this transaction, TPG has exited the automobile dealership company.
According to block deal data available with the National Stock Exchange (NSE), TPG through its affiliate TPG Growth II SF Pte Ltd divested a total of 44.56 lakh shares, amounting to an 11.25 per cent stake in Landmark Cars.
The transaction took place at Rs 658 per share, aggregating the transaction size to Rs 293 crore, the data showed.
These shares were picked up by a host 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.
Following the deal, shares of Landmark Cars surged nearly 10 per cent to end the trade at Rs 727 on the NSE.
According to the shareholding pattern with stock exchanges, TPG owned 44.56 lakh shares or 11.25 per cent stake in Landmark Cars during the quarter that ended March 31, 2023.
Landmark Cars, which made its stock market debut in December 2022, is a leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen and Renault.
Earlier this week, TPG divested its entire stake in NBFC Shriram Finance through open market transactions.
In another block deal on the BSE, Nishant Pitti, one of the promoters of Easy Trip Planners Ltd, has offloaded 6.25 crore shares, amounting to a 3.26 per cent stake, in the company for over Rs 266 crore.
The shares were sold at an average price of Rs 42.6 to Wilson Holdings.
Pitti held over a 32 per cent stake in Easy Trip Planners, which runs the online platform EaseMyTrip, as of the March quarter.
Meanwhile, Shapoorji Pallonji and Company Pvt Ltd offloaded 35 lakh shares of Sterling & Wilson Renewable Energy Ltd for Rs 103 crore through a block deal on the NSE.
Shares of Easy Trip Planners settled two per cent lower at Rs 42.1 on the NSE, while those of Sterling & Wilson Renewable closed at Rs 289.45, down 2.87 per cent from the previous close.
