India-based used car marketplace CarTrade Tech has added 28,000 shares to its employee stock ownership plan (ESOP).

In a disclosure to the National Stock Exchange of India, CarTrade said it had allotted 26,000 and 2,000 equity shares of INR10 ($0.12 U.S.) to its ESOP-2014 and ESOP-2015 plans, respectively. This increases the ESOP pool to INR472 million (47,237,085 shares with a face value of INR10 apiece).

Founded in 2009, CarTrade Tech Group has a physical presence in more than 350 locations nationwide through its CarWale AbSure outlets and OLX India franchises. It posted INR5.5 billion in consolidated revenue for the 12 months to March 2024, up 29.8% year-on-year.

On June 24, 2024, private equity firm Warburg Pincus and Singaporean state-owned conglomerate Temasek Holdings offloaded about six million shares in CarTrade. Warburg Pincus nearly halved its stake in the company to 8.7%, while Temasek’s stake was reduced to about 12%.

Print Friendly, PDF & Email

Related Articles