Accel India and 360 ONE Group sold a combined 4.07% stake in jewellery retailer BlueStone through block deals valued at Rs 513 crore. The stakes were acquired by a mix of domestic and foreign institutional investors, signaling sustained interest in the company despite the partial sell-off.
- Accel India and 360 ONE Group offloaded 4.07% stake in BlueStone for Rs 513 crore
- Sales attracted domestic mutual funds, insurers, and foreign institutional investors
- SBI Life Insurance raised stake to over 5%, reinforcing confidence in BlueStone
What happened
Accel India and 360 ONE Group sold a combined 61.98 lakh shares of BlueStone Jewellery and Lifestyle, representing a 4.07% stake, through separate block deals on the Bombay Stock Exchange. Accel sold 28 lakh shares (1.84% stake), and 360 ONE Group sold 33.98 lakh shares (2.23% stake), together raising Rs 513 crore in the transaction.
The shares were acquired by a blend of domestic and international institutional investors, including mutual funds managed by Mirae Asset, Nippon India, Bandhan, Bajaj Life Insurance, and SBI Life Insurance. Notably, SBI Life Insurance increased its stake to 5.02% from 4.4%, acquiring over 9.5 lakh shares for Rs 79 crore.
Why it matters
The partial stake sale signals strategic portfolio adjustments by Accel India and 360 ONE Group, who have reduced their combined holdings but remain significant shareholders. This transaction also underscores strong investor interest in BlueStone, which is expanding its footprint in India's omnichannel jewellery market.
BlueStone recently reported better financial performance with a profit turnaround in the April-June quarter, posting consolidated net profit against a loss in the prior year. Revenue growth of 49% during the quarter reflects business momentum, which likely attracted institutional participation in the share sale.
What to watch next
Market observers will track the impact of these share transactions on BlueStone’s stock price and investor sentiment, as the company competes vigorously with other online jewellery brands like Titan’s CaratLane and GIVA. Subsequent investor interest and potential further stake movements from venture capital firms may also emerge this year following this second round of divestments.
Additionally, monitoring BlueStone’s continued financial results and operational expansion will be critical to assessing whether the improved quarterly performance can be sustained and if the market valuation reflects the company’s growth prospects in the evolving Indian jewellery retail landscape.