Sequoia Capital sells 3.7% stake in Go Fashion

6 Dec 2022 , 09:01 AM

On Monday, the open market saw the sale of a 3.7% share in the garment manufacturer Go Fashion by the American venture capital firm Sequoia Capital for a price of Rs 228 crore.

According to the information posted on the National Stock Exchange, the venture capital company sold 20,00,000 shares through its affiliate Sequoia Capital India Investments IV in a bulk transaction for Rs1,140.14 per share.

The sole largest shareholder in Go Fashion, with a 13.88% interest as of September 30, is Sequoia Capital.

The investor’s significant sale put pressure on the stock. At Rs1,136.60, it finished 5% down. Sequoia sold the share at a 4.7% discount to the Rs1,196.80 Friday closing price.

Investors have reaped rewards from Go Fashion shares in 2022 as the company’s net gain has exceeded 6%.

For more than Rs36 crore, Canara Robeco Mutual Fund acquired a 0.6% share in the business in a separate transaction.

The fifth domestic mutual fund to own stock in the business is Canara Robeco.

The remaining domestic institutional investors, including ICICI Prudential, Kotak Mutual, SBI Mutual Fund, and Axis Mutual Fund, collectively owned around 18% of the apparel company.

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