Shares of CarTrade Tech surged up over 15% Tuesday as the company announced plans to buy OLX India‘s auto sales business. Zerodha Broking owns a 1.18% stake in the company.
The Deal: The company on Monday announced that it has entered into a share purchase agreement with M/s Sobek Auto India Private Limited, and its holding company OLX India B.V. for acquisition of 100% stake of Sobek. The company said that ₹537-crore deal is in line with its objective to undertake investments that provide synergistic benefits to the existing businesses of CarTrade Tech.
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Now, Zerodha Broking owns 1.18% or 554,531 shares of the company. On Monday, when the stock closed at ₹487.35, the value of these shares was ₹27.02 crore. Today, with the surge, the value of these shares went up to ₹31.5 crore. An increase of around ₹4.5 crore.
Price Action: CarTrade Tech’s share price was up 14.28% to trade at ₹556.95 in the early hours of trading on Tuesday.
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