American venture capital firm Sequoia Capital has sold 3.7% stake in apparel company Go Fashion through the open market on Monday for Rs 228 crore.
Through its affiliate Sequoia Capital India Investments IV, the venture capital firm sold 20,00,000 shares as part of a bulk deal at Rs 1,140.14 a piece, data on the National Stock Exchange showed.
Sequoia Capital is the single largest public shareholder in Go Fashion holding 13.88% stake as on September 30.
The big sale by the investor exerted pressure on the stock. It ended 5% down at Rs 1,136.60. Sequoia sold the stake at a 4.7% discount to Friday’s closing price of Rs 1,196.80.
Shares of Go Fashion have given positive returns to investors in 2022, as it has net gained more than 6%.
In a separate deal, Canara Robeco Mutual Fund bought 0.6% stake in the company for over Rs 36 crore.
Canara Robeco will be the 5th domestic mutual fund holding stake in the company.
ICICI Prudential, Kotak Mutual, SBI Mutual Fund, and Axis Mutual Fund are the other domestic institutional investors that cumulatively held about 18% stake in the apparel company.
Source: Economic Times