American financial services company Fidelity Investments on Wednesday divested a 1.3 per cent stake in e-commerce firm Meesho for Rs 988 crore through open market transactions.
Fidelity Investments, through its two affiliates, FID FDI 2117 LLC and FID FDI 312 LLC, offloaded a total of 5,98,16,300 shares representing a 1.31 per cent stake in the Bengaluru-based e-commerce firm, according to the bulk deal data available on the National Stock Exchange (NSE).
The shares were sold in the price range of Rs 165.18-165.21 apiece, taking the combined transaction value to Rs 988.15 crore.
At the end of the March quarter, FID FDI 312 LLC owned a 1.13 per cent stake in Meesho, as per shareholding data available on the BSE.
Details of the buyers of Meesho's shares could not be ascertained on the exchange.
Shares of Meesho fell marginally to close at Rs 166.16 apiece on the NSE.
Last month, Meesho said its consolidated net loss narrowed to Rs 166.34 crore for the fourth quarter ended March 31.
The company had posted a net loss of Rs 1,391.38 crore in the corresponding quarter of the previous financial year, according to a regulatory filing.
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Its consolidated revenue from operations for the quarter under review increased 47.13 per cent to Rs 3,531.21 crore compared to Rs 2,399.97 crore in the year-ago period, the company added.
During the same month, Meesho announced that its board has approved an investment of up to Rs 100 crore in its subsidiary Meesho Payments Pvt Ltd.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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