Employees of Mamaearth’s parent company, Honasa Consumer Care, are poised to sell 31 lakh shares amounting to Rs 150 crore in a block deal scheduled for this week, insiders revealed to CNBC-Awaaz. The deal is expected to transpire at a 5-7 percent markdown from the current market price of Rs 477.10.
The stock, which debuted at a modest 2 percent premium to its IPO price on November 7, has demonstrated remarkable resilience, surging over 49 percent since its listing. Notably, it has soared by an impressive 89 percent from its 52-week low of ₹256.10, recorded on November 10, 2023.
In the wake of a 20 percent surge in the preceding session, shares of Honasa Consumer reached an all-time high in intra-day trading on Friday. This upswing was attributed to robust Q2FY24 results and an upward revision of the target price by global brokerage firm Jefferies.
The decision to sell Employee Stock Ownership Plans (ESOPs) could signal various motivations, from seizing personal investment opportunities to diversifying portfolios. It also underscores the financial empowerment that ESOPs provide, allowing employees to capitalize on the success of the brand they’ve contributed to.
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