Sequoia Capital India sells stake in Indigo Paints for ₹210 crore


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. 

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