Shares of Billionbrains Garage Ventures, the parent of Groww, tanked as much as 7% to their day's low of Rs 180 on the BSE on Tuesday, as existing investors sold shares worth Rs 5,637 crore through a secondary transaction.
Investors offloaded 30.91 crore or 5.01% equity shares in the company. The floor price for the deal has been fixed at Rs 182.3 per share, indicating a discount of 6% from current market levels. Reports claimed that Peak XV, Sequoia Capital, Ribbit and YC Holdings were looking to offload their stake in the company.
