INSUBCONTINENT EXCLUSIVE:
Indigo paints logo: Company website2 min read Last Updated : Sep 06 2024 | 8:25 PM IST
Peak XV Partners, formerly Sequoia Capital India
and SEA, on Friday, divested a little over 22 per cent stake in Indigo Paints to investors like Morgan Stanley, Mercer and HDFC MF for Rs
1,557 crore via open market transactions.
Venture capital firm Peak XV Partners through its two affiliates, Peak XV Partners Investments
IV and Peak XV Partners Investments V, offloaded a total of 1.05 crore shares, amounting to a 22.04 per cent stake in Pune-headquartered
Indigo Paints, as per the bulk deal data on the NSE.
The shares were sold in the price range of Rs 1,475.96-1,489.35 apiece, taking the
1.54 per cent from 12.14 per cent, while Peak XV Partners Investments V's stake has come down to 1.65 per cent from 13.09 per
cent.
Meanwhile, HDFC Mutual Fund (MF) acquired 10.04 lakh shares or 2.11 per cent of Indigo Paints, New York-based consulting firm Mercer
purchased 3.18 lakh scrips of the chemical manufacturing company and Morgan Stanley bought 3.08 lakh shares of the firm.
The shares were
picked up in the price range of Rs 1,470-1,491.88 per piece, taking the combined deal value to Rs 240.65 crore, the data showed on the
National Stock Exchange (NSE).
Details of the other buyers of Indigo Paints' shares could not be ascertained.
Shares of Indigo Paints
declined 4.19 per cent to close at Rs 1,476 apiece on the NSE.
Peak XV Partners underwent a rebranding in 2023, changing its name from
Sequoia India to Peak XV Partners as part of a broader restructuring of Sequoia Capital's global operations.
Incorporated in 2000, Indigo
Paints is the fastest-growing among the top five paint companies in India.(Only the headline and picture of this report may have been
reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First Published: Sep 06 2024 |
