Peak XV Partners sells 22% stake in Indigo Paints for Rs 1,557 crore

After this transaction, shareholding of Peak XV Partners Investments IV has declined to 1.54 per cent from 12.14 per cent, while Peak XV Partners Investments stake has come down to 1.65 per cent

Peak XV Partners, formerly Sequoia Capital India and SEA, on Friday, divested a little over 22 per cent stake in Indigo Paints to investors like Morgan Stanley, Mercer and HDFC MF for Rs 1,557 crore via open market transactions.
 

Venture capital firm Peak XV Partners through its two affiliates, Peak XV Partners Investments IV and Peak XV Partners Investments V, offloaded a total of 1.05 crore shares, amounting to a 22.04 per cent stake in Pune-headquartered Indigo Paints, as per the bulk deal data on the NSE.
 

The shares were sold in the price range of Rs 1,475.96-1,489.35 apiece, taking the transaction value to Rs 1,557.05 crore.

After the latest transaction, the shareholding of Peak XV Partners Investments IV has declined to 1.54 per cent from 12.14 per cent, while Peak XV Partners Investments V's stake has come down to 1.65 per cent from 13.09 per cent.
 

Meanwhile, HDFC Mutual Fund (MF) acquired 10.04 lakh shares or 2.11 per cent of Indigo Paints, New York-based consulting firm Mercer purchased 3.18 lakh scrips of the chemical manufacturing company and Morgan Stanley bought 3.08 lakh shares of the firm.
 

The shares were picked up in the price range of Rs 1,470-1,491.88 per piece, taking the combined deal value to Rs 240.65 crore, the data showed on the National Stock Exchange (NSE).
 

Details of the other buyers of Indigo Paints' shares could not be ascertained.
 

Shares of Indigo Paints declined 4.19 per cent to close at Rs 1,476 apiece on the NSE.
 

Peak XV Partners underwent a rebranding in 2023, changing its name from Sequoia India to Peak XV Partners as part of a broader restructuring of Sequoia Capital's global operations.
 

Incorporated in 2000, Indigo Paints is the fastest-growing among the top five paint companies in India.
 

In a separate transaction on the NSE, Shriram Pistons & Rings promoters' on Friday pared a 3 per cent stake in the company for over Rs 289 crore through open market transactions.
 

According to the block deal data on the NSE, Luv D Shriram and Meenakshi Dass offloaded 6.60 lakh shares each representing a combined 3 per cent stake in Shriram Pistons & Rings.
 

The shares were sold in the price range of Rs 2,181.77-2,197.60 apiece, taking the deal size to Rs 289.25 crore.
 

Astral Indian Equities Fund I, DSP Mutual Fund (MF), East Lane Capital LLP, Tata MF and Theleme India Master Fund acquired the shares of Shriram Pistons & Rings at the same price.
 

The scrip of Shriram Pistons & Rings rose 1.48 per cent to finish at Rs 2,229.95 apiece on the NSE.