Groww block deal alert: Shares fall nearly 3% after 10.07 crore shares change hands; Peak XV, Sequoia Capital likely sellers
Billionbrains Garages Ventures shares fell after a large block deal occurred. Peak XV Partners and Sequoia Capital were reportedly selling their stake. Jefferies maintains a Buy rating on the Groww parent company. The brokerage sees significant upside potential from the current stock price. Groww reported strong year-on-year profit growth in its recent quarterly results.
Billionbrains Garages Ventures, the parent company of Groww, saw its shares drop 2.6% on the BSE, hitting a low of Rs 192, following a block deal that saw 10.07 crore shares exchanged. Peak XV Partners Investments VI-1 and Sequoia Capital Global Growth Fund III were reportedly interested in selling their stake through a block deal at a price of Rs 191.45 per share, which was a 3.1% discount to Groww's last closing price.
The deal, which could be for up to 1.6% of the company's total shares outstanding, would carry a 30-day lock-up on further sales. In August, 12.74 crore shares of the company changed hands through block deals, representing 2.1% of its equity and valued at Rs 2,500 crore. Jefferies maintains a 'Buy' rating on Groww with a target price of Rs 240 per share, indicating a 22% upside from its previous closing price.
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