Softbank further trims India exposure, sells Meesho shares worth ₹1,885 cr

Detailed summary

Japanese investor SoftBank Group has sold 1.65 per cent stake in Meesho for Rs 1,885 crore, further trimming its investments in India's e-commerce sector. In the latest…

The share sale was executed on Friday at an average price of ₹246.75 apiece, taking the total deal value to ₹1,885.17 crore (Photo: Reuters)

Japanese investor SoftBank Group has sold 1.65 per cent stake in Meesho for ₹1,885 crore, further trimming its investments in India's e-commerce sector.

In the latest transaction, SVF II Meerkat (DE) LLC, an affiliate of SoftBank, offloaded 7.64 crore shares in Bengaluru-based Meesho, according to the block deal data on the National Stock Exchange (NSE).

The share sale was executed on Friday at an average price of ₹246.75 apiece, taking the total deal value to ₹1,885.17 crore.

With this, the affiliate's holding in Meesho has fallen to 5.19 per cent from 6.84 per cent.

The stake sale, however, found buyers, with a clutch of domestic and foreign institutional investors participating in the transaction, with Societe Generale (SocGen) emerging as the largest buyer.

Paris-based financial services firm SocGen picked up more than 1.47 crore shares, or a 0.32 per cent stake, for ₹364.65 crore.

Domestic institutional buyers included mutual funds managed by Motilal Oswal, HDFC, Edelweiss and Aditya Birla Sun Life, along with Bajaj Life Insurance.

Overseas participants included Morgan Stanley, Fidelity Investments, BNP Paribas, Goldman Sachs, Ghisallo Capital Management, William Blair Investment Management and Texas Municipal Retirement System.

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