Shares of Honasa Consumer Ltd, the parent company of Mamaearth, dropped more than 6% to INR 490 each on the NSE during early trading today (September 12). This decline followed a block deal involving a 10.9% stake in the company, valued at INR 1,763.3 crore.
3.5 Crore Shares Traded at INR 500 Each:
Approximately 3.5 crore shares of Honasa were traded at a floor price of INR 500, representing a discount of over 4% from the previous closing price, CNBC-TV18 reported.
The identities of the buyers and sellers remain undisclosed. Previously, it was reported that Peak XV Partners, Sequoia Capital, Redwood Trust, Fireside Ventures, Stellaris Ventures, and Sofina Ventures intended to divest up to 8.1% of their stake in Honasa through block deals. However, the deal size was reportedly increased to 10.9% today.
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As of the quarter ending June 2024, Peak XV Partners owned an 18.69% equity stake in Honasa.
The stock reached a record high of INR 547 per share on the NSE on Tuesday (September 10).
Shares Trading 5% Lower at INR 495.7:
However, it faced selling pressure in the first half of today’s trading session and was trading 5% lower at INR 495.7 per share on the NSE at 10:43 AM.
This block deal follows an earlier transaction in June, during which Fireside Ventures and Sofina Ventures are believed to have sold a 2% stake in Honasa for INR 291 crore.
Founded in 2016 by Varun and Ghazal Alagh, Honasa’s product portfolio includes six beauty and personal care brands: Mamaearth, The Derma Co., Aqualogica, Ayuga, BBlunt, and Dr. Sheth’s.
Honasa PAT Up 62.9% in Q1 FY25:
Honasa reported a 62.9% increase in its profit after tax (PAT), reaching INR 40.2 crore in the June quarter (Q1) of the financial year 2024-25 (FY25), up from INR 24.7 crore in the same quarter of the previous year.
Mamaearth’s operating revenue grew significantly by 19.3% year-on-year (YoY) and 17.3% sequentially, reaching INR 554 crore in the reported quarter.
