Y Combinator has sold 4.85 crore shares, or a 1.05% stake, in e-commerce marketplace Meesho through a block deal on the National Stock Exchange for around ₹970 crore, according to exchange data. The shares were sold at an average price of ₹200.01 apiece.
The transaction confirms a report by CNBC-TV18, which, citing sources, said Y Combinator was likely to sell up to a 1.05% stake in Meesho for ₹957.5 crore, with the floor price set at ₹197.5 per share. The earlier report had also said Y Combinator would have a 30-day lock-in for any further stake sale.
HDFC Standard Life Insurance Company bought 75 lakh shares, equivalent to a 0.16% stake, for ₹150 crore. Edelweiss Mutual Fund purchased 34.7 lakh shares, or 0.08% of the company, for ₹69.4 crore. Franklin Templeton bought another 25 lakh shares, representing a 0.05% stake, for ₹50 crore.
The four disclosed buyers together purchased 2.34 crore shares for about ₹469.4 crore. The remaining shares from Y Combinator's sale were bought by other investors whose identities were not disclosed in the exchange data available so far. At the end of the first quarter, promoter entities held 16% in Meesho, while public shareholders and institutions held the remaining 84%, according to data available on the stock exchanges.
Meesho reported a 48% year-on-year increase in revenue to ₹3,712.8 crore in the first quarter. Its net loss narrowed to ₹132.8 crore from ₹289.4 crore in the corresponding quarter of the previous fiscal year, when the company had reported a loss of ₹289.4 crore.
Meesho shares closed at ₹205.19 apiece on Monday, down 0.24% from the previous close.