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Accel, 360 ONE offload 4.07% stake in BlueStone for Rs 513 Cr via bulk deals

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Accel, 360 ONE offload 4.07% stake in BlueStone for Rs 513 Cr via bulk deals

Venture capital firm Accel and investment firm 360 ONE have sold a combined 4.07% stake in jewellery retailer BlueStone for around Rs 513 crore through bulk and block deals.

According to BSE data, Accel India III (Mauritius) sold 28 lakh shares, representing a 1.84% stake, while funds managed by 360 ONE offloaded around 33.98 lakh shares, or a 2.23% stake. The shares were sold at Rs 827.60 per share, taking the total deal value to around Rs 513 crore.

As per the stock exchange, the shares were picked up by a mix of domestic and overseas institutional investors. Mirae Asset Mutual Fund bought around 20.8 lakh shares, while Nippon India Mutual Fund, SBI Life Insurance and Bajaj Life Insurance acquired around 9.5 lakh shares each.

Other buyers included Bandhan Mutual Fund, Goldman Sachs, Citigroup Global Markets Singapore and Kuwait Investment Authority.

Following the transaction, Accel’s holding through its affiliates declined to 8.71% from 10.55%. SBI Life’s stake, meanwhile, increased to 5.02% from 4.4% after it bought more than 9.5 lakh shares worth around Rs 79 crore.

This is the second major stake sale by Accel and 360 ONE in BlueStone this year. In June, Accel, 360 ONE and IvyCap Ventures sold shares worth around Rs 243 crore through multiple open-market transactions.

The stake sale comes at a time when BlueStone has been showing an improvement in its profitability. The jewellery retailer recently reported its third consecutive profitable quarter, following a sharp improvement in its financial performance.


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