Business · India Bureau
Accel divests nearly 5% stake in Amagi Media Labs for ₹587 crore
Venture capital firm Accel and two other entities have offloaded a combined 4.85 per cent stake in SaaS company Amagi Media Labs through an open market transaction valued at ₹587.33 crore. The block deal saw shares change hands at ₹560 apiece on the NSE.
LSN India ·
Three investment entities including global venture capital firm Accel have completed a significant stake reduction in Bengaluru-based SaaS company Amagi Media Labs, divesting approximately 1.05 crore equity shares representing 4.85 per cent of the company. The shares were offloaded at an average price of ₹560 each, with the transaction aggregating to ₹587.33 crore according to NSE block deal data.
Trudy Holdings, AVP I Fund and Accel through its affiliates were the selling parties in the transaction. AVP I Fund is an investment platform previously known as AXA Venture Partners or Atlantic Vantage Point, operating as an independent global technology investor.
A consortium of domestic financial institutions and overseas investors participated in acquiring the stake. The buyers included SBI Mutual Fund, Tata Mutual Fund, ICICI Prudential Mutual Fund, Edelweiss Mutual Fund, DT Fund, and Baroda BNP Paribas Mutual Fund, with each acquiring an equal number of shares at the transaction price. Insurance companies and foreign investors also participated in the open market transaction.
The transaction underscores continued investor interest in Amagi Media Labs, which provides cloud-based software solutions for the media and entertainment sector. The stake sale follows a period of growth for the company in the region's expanding digital media landscape.