Private equity firms Elevation Capital and Peak XV Partners have sold a combined 2.3% Meesho Stake for Rs 1,949.28 crore through open market transactions, according to National Stock Exchange (NSE) block deal data. The investors offloaded 10.48 crore equity shares at an average price of Rs 186 per share. Following the stake sale, Meesho shares slipped nearly 1% on Wednesday, trading at Rs 190.50 on the NSE.
Key Highlights
- Elevation Capital and Peak XV Partners sold a combined 2.3% stake in Meesho for ₹1,949 crore via NSE block deals.
- Domestic mutual funds, insurers, and global institutional investors acquired the shares as Meesho stock fell nearly 1%.
Elevation Capital and Peak XV Trim Holdings in Meesho
The sale of the stake was made by the Elevation Capital affiliate – Elevation Capital V Ltd and Peak XV Partners Investments V on Tuesday. Following the deal, Elevation Capital's stake in Meesho fell from 12.04 percent to 10.91 percent, while Peak XV Partners' stake in Meesho decreased from 10.06 percent to 8.93 percent.
Both companies have remained as two of the largest public shareholders of Meesho even after the partial exit. Naspers own an 11.27% and SoftBank through its investment arm called SVF II Meerkat (DE) LLC owns an 8.60% stake in the company.
Also Read: Peak XV Raises $1.3 Bn to Boost India and APAC Startup Growth
Institutional Investors Pick Up Meesho Shares
A wide variety of institutional investors from across the world and the country bought the shares offered. Domestic buyers comprised of UTI Mutual Fund, Kotak Mahindra Mutual Fund, HSBC Mutual Fund, Franklin Templeton Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, and Edelweiss Mutual Fund.
Other players in the transaction were insurance companies like Factory Mutual Insurance Company and ICICI Prudential Life Insurance. Foreign institutional investors (FI's) participated in the subscription that included Societe Generale, Prudential Hong Kong, Morgan Stanley, Goldman Sachs, Susquehanna International Group, Fidelity, Abu Dhabi Investment Authority, and Dendana Investments Mauritius.
Elevation Capital also sold 10.20 lakh shares of parent company, One 97 Communications, in a separate open market transaction (OMT) for over Rs 139 crore through the bourses.
