Jwalamukhi Investment Holdings, an investment arm of private equity firm Westbridge Capital, has bought additional 3.54 per cent stake in tyre maker Ceat for Rs 185 crore. The shares were bought from Kotak Mahindra (International), which has exited the company through the open market transaction.
Jwalamukhi Investment has picked up 14,32,897 shares of Ceat on an average price of Rs 1,290.35, valuing the transaction at Rs 184.89 crore.
As of December quarter, Jwalamukhi Investment held 4.5 per cent stake in Ceat, while Kotak Mahindra owned 3.54 per cent holding in the tyre company.
Ceat is among the best tyre manufacturers in India. It manufactures a wide range of tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks. Besides tyres, the company also manufactures and markets tubes and flaps.