WestBridge Capital, a private equity firm, has recently divested a 1.2% stake in IndiaMART InterMESH for Rs 190 crore through open market transactions. The sale was conducted by WestBridge Capital’s affiliate, WestBridge Crossover Fund LLC, in two separate block deals on the BSE.

According to data from BSE, WestBridge Crossover Fund LLC sold 7.3 lakh shares of IndiaMART InterMESH, representing a 1.2% stake in the company, in two tranches. The shares were sold at an average price of Rs 2,601 each, totaling Rs 189.87 crore. The buyers of these shares were SBI Mutual Fund and Morgan Stanley Asia (Singapore).

Following this transaction, the shares of IndiaMART InterMESH saw a 1.25% increase, closing at Rs 2,648.80 per share on the BSE. In a separate block deal on the BSE, Rajat Agrawal, a promoter of Gravita India, sold a 2% stake in the company for Rs 191 crore.

Rajat Agrawal sold 14 lakh shares of Gravita India, representing a 2% stake, at an average price of Rs 1,365 per share, amounting to Rs 191.10 crore. The buyer of these shares was Hong Kong-based Oxbow Capital Management.

Following the stake sale, Rajat Agrawal’s shareholding in Gravita India decreased to 39.35% from 41.35%, and the combined stake of promoters in the company reduced to 64.48% from 66.48%. The scrip of Gravita India surged by 11.98% to close at Rs 1,541 per share on the BSE.

Gravita India is known for its engagement in the manufacturing and recycling of lead, aluminium, and plastic products. These recent developments in the divestment of stakes by WestBridge Capital and Rajat Agrawal indicate significant movements in the Indian market.