Venture capital firm Sequoia Capital has sold almost 1 per cent stake in local search engine Just Dial through an open market transaction.
According to a BSE filing, Sequoia Capital India Investments III, SCI Growth Investments II and Sequoia Capital India Growth Investment Holdings I, which held 4.10 per cent stake, sold 6.36 lakh shares representing 0.94 per cent of stake in Just Dial.
The shares were offloaded on November 20. Based on the weighted average price of Rs 558.8 of the stock on the sale day, the transaction is estimated at Rs 35.55 crore.
Post share sale, Sequoia Capital’s stake in Just Dial remains 3.16 per cent.
Founded by VSS Mani, the company started offering local search services in 1996 under the Just Dial brand.
At about 2.10 pm, the stock of Just Dial was trading at Rs 527.55 apiece, down 1.71 per cent or Rs 9.20, from its previous close on BSE.