US VC firm Sequoia Capital sells 3.7% stake in Go Fashion for Rs 228, Retail News, Retail ET
American venture capital company Sequoia capital sold 3.7% stake in skin Company go fashion via the open market on Monday for Rs 228 crore.
Through its Sequoia Capital India Investments IV subsidiary, the venture capital firm sold 2,000,000 shares as part of a bulk deal for Rs 1,140.14 per share, Stock Exchange data country shows.
Sequoia Capital is the only largest public shareholder in go fashion holding 13.88% shares as of September 30.
The rush of investors to sell has put pressure on the stock. It ended down 5% at Rs 1,136.6. Sequoia sold the shares at a discount of 4.7% from Friday’s closing price of Rs 1,196.8.
Go Fashion stock has delivered positive returns for investors in 2022, as it has gained more than 6% net gain.
In a separate deal, the Canara Robeco Mutual Fund purchased a 0.6% stake in the company for more than Rs 36 crore.
Canara Robeco will be the fifth domestic mutual fund to hold shares in the company.
ICICI cautiousKotak each other, SBI Mutual Fund and Axis Mutual Fund are other domestic institutional investors who hold a combined approximately 18% stake in the apparel company.
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