Temasek Affiliate MacRitchie Sells 3.74% Stake in CarTrade Tech for Rs 470 Crore
Singapore’s sovereign investor Temasek Holdings, operating through its investment vehicle MacRitchie Investments Pte Ltd, has reduced its holding in online automotive marketplace operator CarTrade Tech Limited to 3.07% of voting capital following a substantial open market sale.
According to regulatory disclosures filed under Regulation 29(2) of the Securities and Exchange Board of India (SEBI) Substantial Acquisition of Shares and Takeovers Regulations, 2011, MacRitchie offloaded 18,20,000 equity shares on November 6, 2026, on the BSE. The shares were disposed of at an average price of ₹2,583 apiece, bringing the transaction value to ₹470.10 crore.
Details of the Stake Reduction
The bulk transaction significantly curtails MacRitchie’s footprint in the Navi Mumbai-headquartered company. Prior to the sale, MacRitchie held 33,14,570 equity shares, representing 6.82% of CarTrade Tech’s total voting capital and 6.46% on a fully diluted basis.
Following the open market transaction:
- MacRitchie’s retained equity holding stands at 14,94,570 shares.
- The fund's voting stake declined from 6.82% to 3.07%.
- On a fully diluted capital base, which factors in outstanding Employee Stock Options (ESOPs), its holding decreased to 2.91%.
The regulatory filings also indicate that aggregate sales across tranches by MacRitchie reached 22,16,569 equity shares, representing 4.56% of total equity, before breaching the 2% reporting threshold. Temasek initially backed CarTrade in January 2016 and had previously pared its stake during the firm's August 2021 initial public offering and subsequent market sales.
Global Institutional Buyers Absorb the Supply
The large secondary divestment was smoothly absorbed by marquee global institutions. Exchange bulk deal data revealed that US-based Capital Group, acting through its SmallCap World Fund Inc, and Norway’s sovereign wealth fund manager, Norges Bank (on behalf of the Government Pension Fund Global), together acquired over 17.23 lakh shares for roughly ₹445 crore at the matching price of ₹2,583 per share.
Specifically:
- SmallCap World Fund acquired 14.30 lakh shares (2.94% stake) for ₹369.25 crore, pushing its total holding past 6%.
- Norges Bank picked up 2.94 lakh shares (0.60% stake) amounting to approximately ₹75.85 crore.
Market Reaction and Capital Structure
The smooth absorption of shares by long-term institutional investors buoyed market sentiment on Dalal Street. Shares of CarTrade Tech rose 3.72% on the day of the block deal to settle at ₹2,699.30 on the BSE.
As of the quarter ended September 30, 2026, CarTrade Tech had an equity base of 4,86,14,885 fully paid-up equity shares of face value ₹10 each. Accounting for 27,02,700 outstanding ESOPs, its total diluted equity stands at 5,13,17,585 shares.
The handover of shares from an early-stage institutional backer to global asset managers comes amid improving operating metrics for the automotive platform, which operates consumer and remarketing portals including CarWale, BikeWale, Shriram Automall, and OLX India.
