ICICI Venture is believed to have sold about 5 per cent in the recently listed online classifieds company Info Edge (the owners of Naukri) for Rs 80 crore. In a secondary market transaction, ICICI Venture sold 1.36 million shares of Info Edge at an average price of Rs 586 apeice to Fidelity Investments. This leaves ICICI Venture with 3 per cent stake in Info Edge. On Wednesday, Info Edge share closed at Rs 587, lower than the previous day’s close of Rs 594. The stock was priced at Rs 320 at IPO, and it shot upto Rs 623 on day one of listing.
ICICI Venture had invested Rs 7.3 crore in 2000 to get a stake of 9.8 per cent. Post issue it came down to about 8 per cent. So ICICI Venture’s Rs 7.3 crore has grown to Rs 128 crore in six years. That’s a 17.5 times its original investment. Since it’s sitting with 3 per cent, the returns can be higher. Renuka Ramnath of ICICI Venture did a good job of picking Naukri then instead of many other dotocms of those days which burned money and shut shop later.
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