Venture Capital firms Sherpalo Ventures and Kleiner Perkins Caufield & Byers have sold most of their stake in BSE listed Info Edge India, though we’re not sure if KPCB (through its wholly own subsidiary Murugan Capital) has exited entirely. We’re awaiting a clarification from Info Edge and KPCB. Note that the three entities had invested together in Study Places, which awaits acquisition by Educomp.
The stake sold on March 12th, 2010 amounts to Rs. 859 million for 3.59% of Info Edge’s total equity. According to Info Edge’s Red Herring Prospectus (download here), the shares had been picked up at Rs. 245 each. The National Stock Exchange’s bulk deal data indicates that Sherpalo Mauritius LLC sold its entire shareholding of 557, 913 shares (2.04% of total equity) at Rs. 876.33 on 12th March. Murugan Capital sold 422,410 shares (1.55% of total equity) at Rs. 876.30m. As of December 31st 2009, Murugan Capital had held 557, 916 shares in the company.
The shares sold have been picked up by two funds: Reliance Equity Opportunities Fund and Reliance Tax Saver Elss Fund.
Sandeep Murthy, who represents both KPCB and Sherpalo in India, and is a nominee director on the Info Edge board, had sold shares in his personal capacity, in June (twice), August and September last year.