Accel, 360 ONE sell Rs 513 cr BlueStone stake | India Business News

BENGALURU: Early investor Accel and funds managed by 360 ONE sold about 4% of BlueStone Jewellery and Lifestyle for Rs 513 crore on Thursday, marking their second stake sale in the jewellery retailer in just over three months.Accel India III (Mauritius) sold 28 lakh shares for about Rs 232 crore. Three 360 ONE funds sold another 33.9 lakh shares for about Rs 281 crore. All the deals took place on BSE at Rs 827.6 a share. The money goes to the selling investors, as BlueStone did not issue new shares.Mirae Asset Mutual Fund was the largest buyer, picking up about 20.8 lakh shares. Nippon India and Bandhan mutual funds, SBI Life and Bajaj Life Insurance also bought shares. Overseas buyers included Goldman Sachs Investments Mauritius, Citigroup Global Markets Singapore and Kuwait Investment Authority.Based on BlueStone’s June shareholding disclosure, the sale would bring Accel’s combined holding through two Mauritius entities down from about 10.55% to 8.7%. SBI Life bought 9.5 lakh shares worth nearly Rs 79 crore, taking its holding from 4.4% in June to around 5%, based on the same share count.In June, Accel, 360 ONE and IvyCap Ventures had sold BlueStone shares worth nearly Rs 243 crore. The latest sale follows a stronger April-June quarter for BlueStone: its consolidated total income rose to Rs 751.8 crore from Rs 504.7 crore a year earlier, while it reported a net profit of Rs 5.9 crore against a loss of Rs 34.7 crore.