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SoftBank Plans Meesho Block Deal as Shares Slip
SoftBank planned to sell some of its shares in Meesho.
Meesho is an online retailer.
The sale involved 7 crore shares.
These shares could be worth up to Rs 1,435 crore.
The proposed minimum price was Rs 205 per share.
This was about 3% below Meesho’s current market price.
SoftBank’s investment vehicle owned an 8.60% stake in Meesho before the sale.
Meesho’s stock had closed at Rs 211.70 on the BSE on Wednesday.
SoftBank’s investment vehicle planned to sell 7 crore Meesho shares.
The proposed sale was valued at up to Rs 1,435 crore.
Shares were offered at a floor price of Rs 205 each, a 3% discount to the current market price.
The sale represented a 1.73% equity stake in Meesho.
Bank of America and JPMorgan were reported as likely bankers for the transaction.
- Who
- SoftBank’s special purpose investment vehicle, SVF II Meerkat DE, planned to sell Meesho shares.
- What
- A block deal involving 7 crore shares, or a 1.73% equity stake, was planned.
- Where
- The shares were to be traded through a block deal, with Meesho’s stock quoted on the BSE.
- When
- The sale was planned for the day of the report; Meesho’s stock closed on Wednesday at Rs 211.70.
- Why
- The articles do not state why SoftBank planned to sell the shares.
Key facts
- Seller
- SVF II Meerkat DE, SoftBank’s special purpose investment vehicle and subsidiary
- Shares offered
- 7 crore Meesho shares
- Potential deal value
- Up to Rs 1,435 crore
- Floor price
- Rs 205 per share
- Discount
- 3% to the current market price
- Stake involved
- 1.73% of Meesho’s equity
- Existing holding
- SVF II Meerkat DE owned an 8.60% stake in Meesho
- Likely bankers
- Bank of America and JPMorgan
Sources
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