Sequoia Capital India on Wednesday divested nearly 3.3 per cent stake in paint manufacturer Indigo Paints for ₹210 crore through open market transactions.
According to the bulk deal data available with the BSE, Sequoia Capital India Investments IV and SCI Investments V sold a total of 15,60,000 shares, amounting to 3.28 per cent stake in the company.
Sequoia Capital India sold 750,480 shares at a prices of ₹1,343.82 per share while SCI Investments V sold 809,520 shares at a price of ₹1343.65 per share, thus taking the transaction value to ₹209.62 crore.
Meanwhile, ICICI Prudential Life Insurance Company bought 250,000 shares, Goldman Sachs (Singapore) Pte – ODI bought 267,000 and Pictet Indian Equities acquired 324,000 shares.
These three together bought a total of 8.41 lakh shares of the company at ₹1,343.
As of September 2022, Sequoia Capital India through Sequoia Capital India Investments IV and SCI Investments V held 28.54 per cent stake in Indigo Paints, as per shareholding data available with the bourse.
Indigo paints net profit rose by 174 per cent year-on-year to ₹37.1 crore for the quarter ended September 2022.
The company’s revenue from operations during the September 2022 quarter came in at ₹242.6 crore, which was 23.7 percent higher as compared to the year-ago period.
Shares of Indigo Paints closed 4.56 per cent lower at ₹1,428.25 apiece on BSE.