Accel, 360 ONE sell $58M BlueStone stake after jeweller swings to profit
What's the deal? Accel IndiaDealroom has a profile for this one. Try Dealroom → and 360 ONE GroupDealroom has a profile for this one. Try Dealroom → sold a little over 4% of omnichannel jewellery retailer BlueStone for Rs 513 crore through separate block deals on the BSE. The two investors offloaded a combined 61.98 lakh shares — a 4.07% stake — in the Bengaluru-based company at an average price of Rs 827.60 per share, according to exchange data.
Accel, through its affiliate Accel India III (Mauritius), sold a 1.84% stake, cutting its holding to 8.71% from 10.55%. 360 ONE, through its funds, sold 2.23%.
Who's buying? Shares found buyers among domestic and overseas institutions at the same price. Mutual funds managed by Mirae AssetDealroom has a profile for this one. Try Dealroom →, Nippon IndiaDealroom has a profile for this one. Try Dealroom →, and BandhanDealroom has a profile for this one. Try Dealroom → took part, alongside Bajaj Life InsuranceDealroom has a profile for this one. Try Dealroom →.
SBI Life InsuranceDealroom has a profile for this one. Try Dealroom → bought over 9.5 lakh shares — a 0.6% stake for Rs 79 crore — lifting its holding to 5.02% from 4.4%. Goldman SachsDealroom has a profile for this one. Try Dealroom →, Citigroup Global Markets SingaporeDealroom has a profile for this one. Try Dealroom →, and Kuwait Investment AuthorityDealroom has a profile for this one. Try Dealroom → were among the foreign buyers.
Why now? The sale follows a stronger first quarter. In July, BlueStone reported a consolidated net profit of Rs 5.96 crore for the April-June period, against a net loss of Rs 34.74 crore a year earlier.
Total income rose 49% to Rs 751.81 crore, though expenses climbed to Rs 744.82 crore from Rs 538.45 crore.
What's the endgame? Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone offers more than 8,000 designs across rings, pendants, and earrings. It competes with TitanDealroom has a profile for this one. Try Dealroom →'s CaratLane, GIVA, and other brands.
The signal: This marks the second round of stake sales by the investors this year, after Accel, 360 ONE, and IvyCap VenturesDealroom has a profile for this one. Try Dealroom → sold shares for nearly Rs 243 crore in June. Early backers are trimming positions as the jeweller turns profitable — the stock fell 1.48% to Rs 793.10 on Friday.
Read more: economictimes.indiatimes.com
Image credit: shankar s.
