Honasa Consumer hits 52-week high after block deal worth Rs 142 crore

9 Jan 2024 , 02:24 PM

Mamaearth parent Honasa Consumer’s shares hit a new 52-week high of Rs 502.95 following a block deal involving 32.60 lakh shares, representing a 1% stake in the firm, on the markets on January 8.

The deal’s floor price was Rs 437 per unit, representing an almost 2% decline from the previous closing. The entire transaction value was at Rs 142 crore.

Fireside Ventures sold another 2% stake in the firm for Rs 230 crore in a block sale one month ago. Meanwhile, brokerage firm Jefferies maintained a ‘buy’ rating on the company and boosted the price objective to Rs 530. The firm also raised its EPS expectations by 5-6%.

Following this development, Honasa Consumer was trading 0.94% higher at Rs 469, against the previous close of Rs 473.45 on NSE.

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