Fidelity exits 1.3% stake in Meesho for ₹988 crore via open market deals

American financial services company Fidelity Investments on Wednesday divested a 1.3% stake in e-commerce firm Meesho for ₹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% 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 ₹165.18-165.21 apiece, taking the combined transaction value to ₹988.15 crore.

At the end of the March quarter, FID FDI 312 LLC owned a 1.13% 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 ₹166.16 apiece on the NSE.

Last month, Meesho said its consolidated net loss narrowed to ₹166.34 crore for the fourth quarter ended March 31.

The company had posted a net loss of ₹1,391.38 crore in the corresponding quarter of the previous financial year, according to a regulatory filing.

Its consolidated revenue from operations for the quarter under review increased 47.13% to ₹3,531.21 crore compared to ₹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 ₹100 crore in its subsidiary Meesho Payments Pvt Ltd.

(Except for the headline, Fortune India has not edited the content of this PTI report.)