CarTrade Tech soars on inking pact to acquire 100% stake in Sobek Auto India

CarTrade Tech is currently trading at Rs. 548.45, up by 61.60 points or 12.65% from its previous closing of Rs. 486.85 on the BSE.

The scrip opened at Rs. 521.95 and has touched a high and low of Rs. 563.05 and Rs. 521.95 respectively. So far 7528 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 735.00 on 29-Jul-2022 and a 52 week low of Rs. 341.05 on 29-Mar-2023.

Last one week high and low of the scrip stood at Rs. 569.50 and Rs. 485.10 respectively. The current market cap of the company is Rs. 2280.86 crore.

The Institutions and Non-Institutions held 74.45% and 25.55% stake respectively in the company.

CarTrade Tech has entered into a share purchase agreement with M/s Sobek Auto India (Sobek), and its holding company OLX India B.V. for acquisition of 100% stake of Sobek from OLX India B.V. subject to completion of certain conditions and on the terms and conditions agreed between the parties in the share purchase agreement.

The acquisition is in furtherance of the strategic objectives of the Company to undertake investments which provide synergistic benefits to the existing businesses of the CarTrade Tech. The acquisition of Sobek will be for a consideration of Rs 537.43 crore to be paid on the completion date of the acquisition.

The company is a multi-channel auto platform provider company. The company operates various brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.