Sequoia bought practically 55 lakh shares of Go Trend at ₹1,136.10 apiece, knowledge confirmed. The sale worth was at a 5% low cost to Friday’s closing worth.
French multinational monetary providers firm Societe Generale, Kuwait’s sovereign fund Kuwait Funding Authority, ICICI Prudential Life Insurance coverage, and BNP Paribas’ market fund purchased among the shares. Names of different consumers weren’t publicly accessible.
Shares of the Chennai-based firm, which sells its merchandise underneath the model Go Colours, fell greater than 5% in Monday’s buying and selling. The inventory closed at ₹1,136.50 apiece on the NSE, down 4.86% from Friday’s shut.
In November 2014, Sequoia Capital had acquired a 33.3% stake in Go Trend for ₹60 crore. The corporate went public in November 2021 that noticed its promoters and different shareholders, together with Sequoia, trim their respective holdings within the public subject.
Sequoia later bought one other small chunk of its holding in December 2022. A again of the envelope calculation reveals the VC agency bagged round ₹1,250 crore by liquidating its funding. Within the course of, it stands to make about 15 instances returns.
