SoftBank's affiliate offloaded 7.64 crore shares through a National Stock Exchange block deal, reducing its stake in the Bengaluru-based e-commerce platform to 5.19 per cent. Strong institutional demand absorbed the divestment, with Paris-based Societe Generale emerging as the largest single buyer. Despite the large transaction, the company's shares closed 1.53 per cent higher at Rs 257.99. This move follows a previous Rs 1,650 crore stake sale in the same company executed back in September.
Key points
Global sovereign entities including the Singaporean government and Norway's Government Pe…: Global sovereign entities including the Singaporean government and Norway's Government Pension Fund Global helped absorb the substantial share offering.
Domestic asset managers such as Motilal Oswal, HDFC, Edelweiss, and Aditya Birla Sun Life…: Domestic asset managers such as Motilal Oswal, HDFC, Edelweiss, and Aditya Birla Sun Life took significant positions in the block deal.
The transaction marks the continuation of SoftBank's broader monetization plan, following…: The transaction marks the continuation of SoftBank's broader monetization plan, following similar divestments in firms like Lenskart Solutions and Ola Electric Mobility.
Sources checked by our analysis pipeline: 1
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 Rs 246.75 apiece, taking the total deal value to Rs 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 Rs 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.
The Singaporean government, Monetary Authority of Singapore and Norway's sovereign wealth fund…
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