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Global investment firm Fidelity Investments has pared its holding in e-commerce marketplace Meesho, selling a 1.3 per cent stake worth nearly ₹988 crore through open market transactions on Wednesday.
According to bulk deal data available on the National Stock Exchange (NSE), Fidelity Investments' affiliates — FID FDI 2117 LLC and FID FDI 312 LLC — collectively sold 5,98,16,300 shares of the Bengaluru-based company, representing a 1.31 per cent stake.
The shares were offloaded at prices ranging between ₹165.18 and ₹165.21 apiece, resulting in a total transaction value of ₹988.15 crore.
Shareholding data filed with the BSE showed that FID FDI 312 LLC held a 1.13 per cent stake in Meesho at the end of the March quarter.
The stake sale comes shortly after Meesho reported a significant improvement in its financial performance. The company narrowed its consolidated net loss to ₹166.34 crore in the quarter ended March 31, compared with a net loss of ₹1,391.38 crore recorded during the same period last year, according to a regulatory filing.
Meesho's consolidated revenue from operations rose 47.13 per cent year-on-year to ₹3,531.21 crore in the fourth quarter, up from ₹2,399.97 crore in the corresponding quarter of the previous fiscal.
In a separate development last month, the company's board approved an investment of up to ₹100 crore in its subsidiary, Meesho Payments Pvt Ltd, as it continues to strengthen its fintech capabilities.
