Venture capital firm Sequoia Capital has exited its investment in local search engine Just Dial by selling shares in an open market transaction.
According to a BSE filing, Sequoia Capital India Investments III, SCI Growth Investments II and Sequoia Capital India Growth Investment Holdings I sold 12.83 lakh shares shares, representing 1.90 per cent stake in Just Dial.
The shares were offloaded on December 4. Based on the weighted average price of Rs 499.30 of the stock on the sale day, the transaction is estimated at Rs 64.10 crore.
Founded by V S S Mani, the company started offering local search services in 1996 under the Just Dial brand.
Just Dial shares closed at Rs 506.90 apiece, up 0.83 per cent from the previous close on BSE.
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