Go Fashion, Rainbow Children’s Medicare fall after huge block deals

Rainbow Children’s Medicare pre-IPO lock-in expired on November 5 and GoFashion’s on November 25

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The share prices of fashion retailer Go Fashion and paediatric hospital chain Rainbow Children’s Medicare fell over 2 percent in the morning trade on December 5 after a large number of shares changed hands in the block-deal window.

According to reports, 21.7 lakh shares, or 4 percent equity, of Go Fashion worth Rs 252 crore changed hands at an average of Rs 1,150 a share. Rainbow Children’s Medicare counter saw 1.5 crore shares, or 14.8 percent equity, worth Rs 1,119 crore change hands at Rs 742 apiece.

The buyers and sellers were not immediately known.

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A month back, on November 5, Rainbow Children’s Medicare pre-IPO lock-in expired with 22.7 percent of shareholding free to be sold. British International Investment, formerly CDC Group PLC, has a 9.49 percent stake in the company and CDC India Opportunities Fund 4.96 percent.

GoFashion’s pre-IPO lock-in ended on November 25, making 46.6 percent holding eligible to be sold. Sequoia Capital is a prominent shareholder with a 13.88 percent stake in the company.

At 10.15 am, Rainbow Children’s Medicare was quoting at Rs 755.80 apiece on the National Stock Exchange, recovering from an intraday low of Rs 741. Go Fashion was quoting at Rs 1170 per share, down 2.2 percent.

Go Fashion has two buys, one hold and no sell ratings, according to Bloomberg data. Rainbow Children’s Medicare has two buys, one hold and no sell ratings.