Tiger Global sells 3.4% in Just Dial for Rs 300 cr, pockets 20x profit in 8 yrs

Private equity giant Tiger Global on Monday offloaded 3.41 percent stake in local search engine Just Dial for over Rs 300 crore through an open market transaction.

According to bulk deal data available with the stock exchanges, Tiger Global sold a total of 24 lakh shares, amounting to 3.41 percent stake of Just Dial.

The shares were offloaded on an average price of Rs 1,252.30 apiece valuing the transaction at Rs 300.55 crore, the data showed.

Tiger Global held 13.22 percent stake in the local search engine company at the end of December 31, 2014.

Meanwhile, another private equity firm Goldman Sachs has picked up 19,40,098 shares of Just Dial for Rs 242.90 crore.

According to a report in the TechCircle, Tiger Global clocked 20x returns from the investment it made eight years ago. The report noted that this is lower than the 30x returns SAIF Partners had made last year when it sold part of its stake in Just Dial for Rs 254 crore. The shares were ruling higher then, it said.

Sequoia Capital also had made similar returns, when it part-exited Just Dial by selling a 0.5 percent stake, the report has noted.

Founded by V S S Mani, the company started offering local search services in 1996 under the Just Dial brand.

In November last year, Reserve Bank allowed the company to raise the foreign shareholding limit to a maximum of 75 percent of its paid-up capital under the portfolio investment scheme (PIS).

Shares of Just Dial yesterday rose 0.84 percent to settle at Rs 1,319.70 apiece on the BSE.

With inputs from PTI