Sequoia reduces stake in Just Dial; sells shares worth Rs 100 crore

NEW DELHI: Private equity major Sequoia Capital today offloaded 1.57 per cent stake in local search engine Just Dial for over Rs 100 crore through an open market transaction.

According to bulk deal data available with NSE, Sequoia Capital sold 11,12,000 shares, or 1.57 per cent stake, in the company held through Sequioa Capital India Investment III fund for Rs 100.08 crore.

The shares were sold at an average price of Rs 900.

As of September 2015, Sequoia Capital held 13.15 per cent stake through Sequoia Capital India Investment III, Sequoia Capital India Growth Investment Holdings I and SCI Growth Investments II.

Sequoia Capital India Investment III held 4.65 per cent stake, Sequoia Capital India Growth Investment Holdings I and SCI Growth Investments II held 4.25 per cent stake each.

Meanwhile, Amanasa Holdings bought 10,56,545 shares in the company for Rs 95.08 crore. The shares were bought at an average price of Rs 899.99.

In May, private equity giant Tiger Global exited its investment in the company for over Rs 430 crore.

Founded by V S S Mani, the company started offering local search services in 1996 under the Just Dial brand.

Shares of the company today closed at Rs 889.25 on BSE, up 0.45 per cent from yesterday's closing level.