Big names reduce stake in Honasa Consumer (Image source: iStockphoto)
Venture capital firm Peak XV PartnersTogether with four other investors, he sold a 10% stake in Honasa Consumerthe parent company of the Mamaearth brand, in open market transactions valued at Rs 1,601 crore. The sale took place on Thursday, with notable buyers including ICICI Prudential Life Insurance and Morgan Stanley.
According to data from the National Stock Exchange (NSE), Peak XV Partners (formerly Sequoia Capital India & SEA) offloaded 1.23 million shares, representing 3.81% of its stake in Honasa Consumer. Fireside Ventures, through its subsidiary Fireside Ventures Investment Fund I offloaded 65.83 lakh shares, reducing its holding by 2.03%.
Apart from Peak XV and Fireside, Brussels-based Sofina Ventures SA sold 60.15 lakh shares, equivalent to 1.85% of the company’s stake. Stellaris Venture Partners offloaded 45.30 lakh shares, representing a 1.4% stake, while Sequoia Capital Global Growth Fund III-US/India Annex Fund offloaded 28.71 lakh shares, or 0.88% of its stake.
The shares were sold at a price between Rs 495.01 and Rs 496.12 per share, bringing the total transaction value to Rs 1,601.71 crore. Following the sale, Peak XV Partners’ stake in Honasa Consumer was reduced from 18.69% to 14.88%, while Fireside Ventures’ stake was reduced from 4.28% to 2.25%. Sofina Ventures’ stake was reduced from 5.16% to 3.31%, Sequoia Capital Global Growth Fund’s stake was reduced from 4.35% to 3.47% and Stellaris Venture Partners’ stake was reduced to 3.35%.
On the acquisition front, ICICI Prudential Life Insurance acquired 28.78 lakh shares, representing a 0.88% stake in Honasa Consumer, while Morgan Stanley Asia Singapore bought 24.17 lakh shares. Both the transactions were executed at an average price of Rs 495 per share, taking the combined value of these acquisitions to Rs 262.17 crore.
The stake sale follows Peak XV Partners’ recent divestment in Indigo Paints, where it sold a 22% stake for Rs 1,557 crore. Despite the transaction, Honasa Consumer shares fell 5.36% on Thursday and closed at Rs 494 per share on the NSE.
(With contributions from PTI Agency)
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