On BSE, the lowest price for Go Fashion shares was Rs 1,133.30, which was a drop of 5.07 percent. On NSE, 83,43,762 shares changed hands, and a total of 948,56 crore was traded.
Shares of Go Fashion fell 5% on Monday, when there were a lot of trades. Sequoia Capital is expected to sell a stake in the company. In the last two weeks, only 2,492 shares of the stock changed hands on BSE. According to earlier reports, the venture capital firm was planning to do a block deal today to sell its full 10.18 percent stake in the parent company of the Indian clothing brand Go Colours.
After this happened, the stock fell 5.07 percent on BSE to a low of Rs 1,133.30. On NSE, 83,43,762 shares changed hands, and a total of 948,56 crore was traded. Earlier, a CNBC story said that the whole block deal was worth Rs 625 crore. According to the story, the floor price was set at Rs 1,135 per share, which is 5% less than the closing price on Friday, which was Rs 1,194. It was said that JM Financial was the only broker for the deal.
Up until last year, Sequoia Capital owned 13.8% of Go Fashion. But in December 2022, it started a block deal to sell a 3.7% share for Rs 228 crore. Sequoia Capital chose a few days before Go Fashion’s move to split its businesses in China, India, and Southeast Asia into two separate companies that will be run without any help from Sequoia.
As of March 31, 2023, Sequoia Capital owned nearly 55 million Go Fashion shares, which gave it a 10.18 percent stake in Go Fashion. In the last month, shares of Go Fashion have gone up by 8.4%. In the past year, they have gone up by 21.2%.
Go Fashion’s net profit for the March quarter was Rs 15 crore, which was 20% higher than the same quarter last year, when it was Rs 12 crore. The company made a total of Rs 160 crore during the quarter, which is 34% more than the Rs 119 crore it made during the same time last year.
In English, Sequoia’s company in China would be called Hongshan. India and Southeast Asia will be called Peak XV, and it will be in charge of more than 400 portfolio companies and $9.2 billion in funds.
The remaining $2.5 billion from Sequoia’s $2.8 billion fund for investments in Indian and Southeast Asian businesses will be invested by Peak XV, the largest venture capital company in India, which is led by Sequoia’s previous managing directors in the area.
