Major Stake Divestments Shake Up Indigo Paints and Shriram Pistons & Rings

Peak XV Partners divested over 22% stake in Indigo Paints to top investors like Morgan Stanley and HDFC MF for Rs 1,557 crore. Concurrently, Shriram Pistons & Rings promoters sold a 3% stake for Rs 289 crore. These transactions reflect significant market movements in India's chemical and manufacturing sectors.

On Friday, Peak XV Partners, previously known as Sequoia Capital India and SEA, sold more than 22% of its stake in Indigo Paints to investors including Morgan Stanley, Mercer, and HDFC Mutual Fund, for Rs 1,557 crore in open market transactions.

According to NSE bulk deal data, Peak XV Partners, through its affiliates Peak XV Partners Investments IV and V, offloaded a total of 1.05 crore shares, representing a 22.04% stake in the Pune-based Indigo Paints. The shares were sold within a price range of Rs 1,475.96 to Rs 1,489.35 each, bringing the deal's total value to Rs 1,557.05 crore.

Following this transaction, Peak XV Partners Investments IV's shareholding dropped to 1.54% from 12.14%, while Investments V's stake decreased to 1.65% from 13.09%. HDFC Mutual Fund acquired 2.11% of Indigo Paints, and investors Mercer and Morgan Stanley bought 3.18 lakh and 3.08 lakh shares, respectively. Concurrently, Shriram Pistons & Rings promoters sold a 3% stake in the company for Rs 289.25 crore.

(With inputs from agencies.)