WestBridge Capital divests 1.2% stake in Indiamart for Rs 190 crore

Private equity firm WestBridge Capital on Friday offloaded a 1.2 per cent stake in IndiaMART InterMESH for Rs 190 crore through open market transactions. WestBridge Capital, through its affiliate WestBridge Crossover Fund LLC, sold shares of IndiaMART InterMESH, an online B2B marketplace, through two separate block deals on BSE.As per the data available with BSE, WestBridge Crossover Fund LLC disposed of 7.3 lakh shares or a 1.2 per cent stake in IndiaMART InterMESH in two tranches. The shares were offloaded at an average price of Rs 2,601 apiece, taking the deal size to Rs 189.87 crore. These shares were purchased by SBI Mutual Fund and Morgan Stanley Asia (Singapore) at the same price. Shares of IndiaMART InterMESH gained 1.25 per cent to close at Rs 2,648.80 apiece on the BSE. In another block deal on the BSE, Rajat Agrawal, one of the promoters' of Gravita India, pared a 2 per cent stake in the company for Rs 191 crore. As per the block deal data available, Agrawal sold 14 lakh shares, amounting to a 2 per cent stake in Gravita India.