- Ribbit Capital plans to sell a 1.6% stake in Billionbrains Garage Ventures.
- The block deal is valued at approximately Rs 1,914 crore.
- Shares are offered at Rs 195 each, a 3.95% discount to market price.
Ribbit Capital is set to sell a 1.6% stake in Billionbrains Garage Ventures, the parent company of investment platform Groww, through a block deal worth about Rs 1,914 crore, sources told NDTV Profit.
The shares are being offered at a floor price of Rs 195 apiece, representing a 3.95% discount to the previous market price. JPMorgan is acting as the broker for the transaction.
The proposed sale will allow Ribbit Capital to partially monetise its investment in Groww while retaining its remaining stake in the company.
The transaction involves the sale of shares already held by Ribbit Capital. Billionbrains Garage Ventures will not receive proceeds from the deal, as it is a secondary share sale.
Also Read: Groww Q1 Result: Net Profit Rises 94% To Rs 735 Crore, Revenue Up 66%
Based on the offer price and stake being sold, the transaction implies a valuation of roughly Rs 1.2 lakh crore for Billionbrains Garage Ventures.
Ribbit Capital will also be subject to a 30-day lock-up after the transaction. The restriction prevents the investor from selling additional shares in the company during that period.
Groww, operated by Billionbrains Garage Ventures, is an online investment platform offering products including stocks and mutual funds.
The block deal comes after Ribbit Capital has made several stake-related moves involving Indian new-age companies. The latest transaction represents another significant secondary-market deal involving a major institutional investor in the country's technology sector.
Also Read: Zerodha, Groww, Angel One, Upstox Set To Capture Global Investing Boom After GIFT City Nod
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
