TT International Asset Management Ltd, a discretionary investment manager, has reported the disposal of 49,007 equity shares in CarTrade Tech Limited under the Securities and Exchange Board of India (SEBI) regulations, particularly in compliance with the Takeover Regulations. The sale, which occurred on December 23, 2024, was conducted in the open market. The total number of shares disposed of represents 0.10% of the total share capital of the company, bringing TT’s overall stake in CarTrade Tech down to 4.92%.

This disposal, along with previous transactions, has caused TT International Asset Management to cross the regulatory threshold as defined by the Securities and Exchange Board of India (SEBI). According to Regulation 29(2) of the Takeover Regulations, TT has provided the required disclosure to the BSE and NSE regarding its shareholding in CarTrade Tech.

Details of the Share Sale

Before the transaction, TT held a 5.02% stake in CarTrade Tech, which amounted to 2,378,535 shares. After selling 49,007 shares, TT's stake was reduced to 4.92%, or 2,329,528 shares. This reduction is significant as it brings TT closer to its compliance with the SEBI's takeover regulations concerning substantial acquisitions and disposals of shares.

Impact of the Sale on CarTrade Tech

The disposal of 49,007 shares has resulted in a 0.10% reduction in TT’s total shareholding in CarTrade Tech Limited. Despite this decrease, CarTrade Tech’s total equity share capital remains unchanged at 47,367,085 equity shares with a total value of INR 473,670,850. The stock exchange filings reflect this change, ensuring transparency in the company’s shareholder structure.

Mode of Disposal

The shares were sold on the open market, which is a common method for institutional investors like TT to liquidate a portion of their holdings. This method provides liquidity while ensuring compliance with regulatory requirements. By choosing this mode of sale, TT International Asset Management adhered to the proper procedures under SEBI's Takeover Regulations.

Regulatory Compliance and Reporting

In accordance with SEBI’s regulations, the company has duly filed the necessary disclosures with both the BSE and NSE. Additionally, the details of the transaction, including the percentage of shares disposed of and the final stake held by TT, have been made publicly available on the stock exchanges and are in line with the Takeover Regulations that govern such transactions.

About TT International Asset Management Ltd

TT International Asset Management is an asset management firm that operates as a discretionary investment manager for its clients. Through this structure, the firm manages shares and voting rights on behalf of clients, each of whom may be considered a Person Acting in Concert (PAC) with TT. However, it is important to note that these clients do not act in concert with one another, which impacts the way voting and shareholding are treated under the Takeover Regulations.

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