Peak XV Partners Sells Over 4% Stake in Honasa Consumer for Rs 597 Cr in Bulk Deals

New Delhi: Venture capital firm Peak XV Partners and an affiliate have pared their holdings in Honasa Consumer, the owner of beauty brand Mamaearth, by selling a little over 4 per cent stake for Rs 597 crore through separate bulk deals on the NSE.

A total of 1.32 crore shares, representing a 4.06 per cent stake in the Gurugram-based personal care company changed hands in the transactions, according to exchange data.

Peak XV Partners Investments VI, an investment fund of Peak XV Partners, sold more than 1.07 crore shares on Tuesday, representing nearly a 3 per cent stake in Honasa Consumer.

Sequoia Capital Global Growth Fund III – US/ India Annex Fund LP also offloaded 25.02 lakh shares, or a 0.77 per cent stake in the company.

The shares were sold in the price range of Rs 450-450.22 per piece, valuing the combined transaction at Rs 596.83 crore.

Sequoia Capital Global Growth Fund III – US/ India Annex Fund is co-managed by Peak XV Partners and Sequoia Capital.

Following the latest stake sale, the combined holding of the investors in Honasa declined to 14.18 per cent from 18.24 per cent. Despite the divestment, the investor will remain the largest public shareholder.

Peak XV Partners, formerly known as Sequoia Capital India & SEA, primarily focuses on investments in startups across India and Southeast Asia.

Meanwhile, Franklin Templeton Mutual Fund (MF) acquired more than 33.33 lakh shares, or a 1.02 per cent stake in Honasa, for Rs 150 crore.

ICICI Prudential Life Insurance Company also bought 17.77 lakhs shares, representing a 0.54 per cent stake, for Rs 80 crore.

Following the purchase, ICICI Prudential Life Insurance’s holding in Honasa rose to 6.8 per cent from 6.26 per cent, while Franklin Templeton MF’s stake increased to 2.24 per cent from 1.22 per cent.

Details of other buyers of Honasa Consumer’s shares could not be identified from exchange data.

On Wednesday, shares of Honasa Consumer fell 2.09 per cent to trade at Rs 432.40 apiece on the National Stock Exchange (NSE).

Honasa Consumer is a house of brands with a digital-first approach, with brands including Mamaearth, The Derma Co, Aqualogica, Dr Sheth’s, Bblunt, Staze Beauty, and Lumineve.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)