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Dec 05, 2017 12:56 PM IST | Source: Moneycontrol.com

Sequoia Capital sells its Just Dial stake for Rs 51.56 crore

The shares were picked up by HDFC Mutual Fund.

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Sequoia Capital sold 1.03 million shares of the local search engine Just Dial on Monday.

Data from the National Stock Exchange shows that Sequoia Capital India Growth Investment Holdings 1 sold 455,000 shares at Rs 500.05 apiece, and SCI Growth Investments 2 sold 575,000 shares for Rs 501.54 per share.

The shares were picked up by HDFC Mutual Fund, worth Rs 51.56 crore.

According to a Mint report, Sequoia Capital cut down on its Just Dial stake from 5.17 percent to 2.18 percent.

On November 22, Sequoia Capital sold nearly 1 percent stake in local search engine for around Rs35 crore, while on 5 September, Sequoia Capital sold a total of 3.6 million Just Dial shares worth approximately Rs135 crore.

Sequoia Capital first invested in Just Dial in 2009, along with SAIF Partners and Tiger Global. Sequoia invested Rs16.44 crore at the time.

According to the report, Tiger Global sold its entire Just Dial stake in 2015.

Just Dial was founded by V.S.S. Mani in 1996, and has been offering local search services since 1996, by helping people find relevant businesses and service providers in their immediate vicinity.

Just Dial’s revenues in fiscal 2017 was Rs 718.61 crore. This was up 4 percent from the previous fiscal, where net profit declined by 14 percent in fiscal 2017 to Rs121.34 crore.

On Monday, shares of Just Dial lost 3.44 percent to close at Rs492.2 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.11 percent to close at 32,869.72 points.
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