Y Combinator to sell 1% stake in Meesho for ₹957cr
What's the story
Y Combinator is planning to divest up to 1.05% of its stake in Meesho. The move could fetch the company a whopping ₹957.5 crore. According to CNBC-TV18, the floor price for this block deal has been set at ₹197.5 per share, up to 4% lower than its last closing price.
Lock-in details
Post-block deal, Y Combinator will have a 30-day lock-in period
Post the block deal, Y Combinator will have a 30-day lock-in period for any further share sales. As of the end of June quarter, promoter entities held a 16% stake in Meesho while public shareholding accounted for the remaining 84%, according to exchange data.
Financials
Meesho's latest fiscal report
In its latest fiscal report, Meesho posted a 54% reduction in net loss to ₹132.8 crore from ₹289.4 crore last year.
The company's revenue also saw a significant jump of 48% to ₹3,712.8 crore from the previous fiscal period.
Despite these positive developments, shares of Meesho fell by 1.7% to close at ₹206 apiece during the last trading session.