Honasa block deal: Mamaearth employees may sell Rs 150-cr ESOPs this week
- Hot Stocks
admin
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The block deal is likely to be executed at 5-7 percent discount to market price of Rs 477.10
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Employees of Mamaearth parent Honasa Consumer Care are likely to sell shares worth Rs 150 crore in a block deal this week, sources told CNBC-Awaaz. The block deal is likely to be executed at a 5-7 percent discount to the market price of Rs 477.10, the sources added.
As per CNBC-Awaaz, the block will be an ESOP (employee stock ownership plan) pool of about 31 lakh shares and Kotak has been signed up to broker the deal. Moneycontrol could not independently verify this report.
Since listing, Honasa Consumer shares have gained over 47 percent on the issue price of Rs 324. On November 24, the stock closed 12 percent higher on the NSE. As per the prospectus, the company has granted stock options under two schemes – ESOP 2018 and ESOP 2021.
Also read: Mamaearth parent Honasa Consumer share zooms 11%, up 35% in 2 days
Last week, Honasa Consumer reported 93 percent surge in consolidated net profit at Rs 29 crore for the quarter ended September 30. It reported a consolidated net profit of Rs 15 crore in the year-ago period.
The firm’s consolidated revenue from operations rose 21 percent to Rs 496 crore in Q2FY24 as against Rs 410 crore in the year-ago period.
One of the biggest cheerleaders of the stock has been foreign broking firm Jefferies. In a note on November 23, Jefferies said it added Honasa to its model portfolio, replacing Marico, with a target price of Rs 530.
The company is on a “strong growth trajectory, delivering 30 percent+ revenue growth with steady margin expansion”, it said. The company’s focus was on premium customers and would be unaffected by a slowdown and inflation.
