In Wednesday’s intraday session, shares of Indigo Paints hit a record low of Rs1,343, dropping 10% on the BSE after roughly 4% of the paint company’s entire equity changed hands via block sale.
According to exchange data, at 09:15 am, around 1.8 million shares, or 3.97 % of Indigo Paints’ total equity changed hands on the BSE. Up to 10:11 am, 1.05 million shares, or 2.2% of the company’s equity, had changed hands on the NSE. However, the names of the buyers and vendors could only be determined after a period of time.
Sequoia Capital India Investments reportedly planned to sell up to 3.3% of its ownership in Indigo Paints on Wednesday through block agreements. The purchase was anticipated to finalize on Monday at a 12% discount. For a total offer of 1.56 million shares, the base price of the sale was reportedly determined at Rs1,314 per share.
According to data on shareholding patterns, Sequoia Capital India Investments IV held an 13.73 % investment in Indigo Paints as of September 30, 2022, while SCI Investments V held a 14.81 percent stake. The stock of Indigo Paints has dropped below the previous low it reached on July 1, 2022, of Rs1,375. On February 2, 2021, the company made its stock market debut. In addition, Indigo Paints’ market price has fallen 60% from its all-time high of Rs3,348 on February 3, 2021. The company had priced its initial public offering of shares at Rs1,490. (IPO).
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