Sequoia Capital sells entire 10.18% stake in Go Fashion via bulk deal; ICICI Pru Life, Societe General buy

Sequoia Capital has sold its entire 10.18% stake in Go Fashion (India) through bulk deals on Monday. According to bulk deals data available with the exchanges, Sequoia has sold about 54.98 lakh shares it held in the company at Rs 1,136 per share, taking home Rs 624 crore.

Meanwhile, two domestic institutional investors BNP Paribas Arbitrage, ICICI Pru Life Insurer and two other foreign investors Societe Generale and Kuwait Investment Authority fund have lapped up shares through open market transactions.

While ICICI Pru Life has bought 7.04 lakh shares or 1.3% in the company, BNP Paribas has picked up 4.3 lakh units or 0.7% stake.

Societe Generale, on the other hand, bought about 1.5% stake in Go Fashion and Kuwait Investment Authority added 0.89% stake, bulk deals data showed.

Go Fashion (India) is a majority promoter-owned company with 52.79% stake, while public shareholders hold the rest of 47.21%.

Among the public ones, mutual funds have a big chunk in the company at 24.14% stake. SBI Life Insurance has about 2.84% and foreign portfolio investors hold 5.97%.

Go Fashion (India) is a women’s bottom-wear brand in India, with a market share of approximately 8% in the branded women’s bottom-wear market. The company is engaged in the development, design, sourcing, marketing and retailing of a range of women’s bottom wear apparel under the brand, Go Colors.

It is the first company to launch a brand exclusively dedicated to women’s bottom-wear category and have leveraged this advantage to create a direct-to-consumer brand with a diversified and differentiated product portfolio of premium quality products at competitive prices.

On Monday, the company's shares closed nearly 5% lower at Rs 1,136 apiece on NSE. So far this year, the shares have lost about 3%, while they have returned 15% in the last one year period