Shares of Billionbrains Garage Ventures, the parent of popular broking firm Groww, jumped nearly 6% on Wednesday to erase all losses recorded in the previous session after Peak XV Partners and two other US-based investors sold a stake worth nearly Rs 5,326 crore.
Shares of the company fell over 5% on Tuesday amid reports of the block deal. According to exchange data released in the evening, Peak XV Partners Investments, Ribbit Capital, and YC Holdings sold more than 2,952 lakh shares cumulatively worth Rs 5,325.78 crore at an average price of Rs 180.43 apiece via bulk deals on May 12. The average price at which the bulk deals were executed marked a nearly 1.5% discount from the stock’s previous closing price of Rs 183 apiece.
