CONNECT WITH US
eCommerce

eCommerce

RPS Ventures Offloads Meesho Stake Worth About ₹900 Cr

Inc42 - Ecommerce logo

Published on

Add as a preferred source on Google
RPS Ventures Offloads Meesho Stake Worth About ₹900 Cr

Meesho backer RPS Ventures sold nearly 3.9 Cr shares of ecommerce major Meesho to net ₹899.7 Cr.

As per BSE bulk deal data, RPS’ holding entity RPS WOS II LLC offloaded a total of 3.86 Cr equity shares, or around 0.8% of Meesho’s total equity, in a block deal valuing each share at ₹233. The trading price is a 1.4% discount to the stock’s closing price today.

The shares that flooded the market were lapped up by the Government of Singapore (1.3 Cr shares), Mirae Asset Mutual Fund (77.2 Lakh shares) and Societe Generale (35.5 Lakh shares). Other major buyers included BNP Paribas Arbitrage, Fidelity, Citigroup, Norway’s pension fund, Ghisallo Capital Management, Morgan Stanley, WhiteOak Capital Mutual Fund, among others.

RPS held around 5.4 Cr shares in Meesho or 1.1% stake at the end of the June quarter. With today’s bulk deal, the VC firm has slashed its shareholding by over 71%.

RPS Ventures, which is a late-stage VC firm cofounded by ex-Softbank executive Kabir Misra, joined Meesho’s cap table in 2018 when it backed the startup’s $50 Mn Series C round.

The firm did not pare its stake in the ecommerce giant when it made its public markets debut nearly a year ago. However, other investors cashed in 10.6 Cr shares cumulatively as part of the offer for sale component of Meesho’s IPO. 

Notably, Meesho has seen several major investors offloading stake in bulk over the past few months. 

6 Cr each a few weeks prior to that.



Source link
Related Topics:eCommerce

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.