Sequoia Capital sells off 3.7% stake in Go Colors' Go Fashion
US-based venture capital firm Sequoia Capital has sold off a 3.7% stake in Indian clothing brand Go Colors’ parent company Go Fashion. The transaction went through on December 5 and totalled Rs 228 crore.
Sequoia Capital sold 20 lakh shares of Go Fashion through its India affiliate business Sequoia Capital India Investments IV, the Economic Times reported. The sale was part of a bulk deal valued at Rs 1,140.14 per share, according to data filed on the National Stock Exchange.
Go Fashion saw its shares drop in price to Rs 1,136.6 following the pressure exerted on the stock by Sequoia Capital’s partial share sale. The stock had been sold off on Monday at a 4.7% discounted price on Friday’s closing share price of Rs 1,196.8. However, 2022 has been a good year for Go Fashion’s stock as it has net gained over 6% in value.
Go Fashion also saw the domestic mutual fund Canara Robeco Mutual Fund puck up a 0.6% stake in the business in a separate share deal. The business acquired the stake for a price of Rs 36 crore.
Go Fashion runs the womenswear brand Go Colors. The label specialises in colourful bottom wear including leggings, trousers, palazzos and more and retails from its dedicated e-commerce store and outlets across India.
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