Sequoia Capital, Happiest Minds Promoter Offload Shares In Quick Heal Technologies: Details Inside

Sequoia Capital, exited Quick Heal Technologies Ltd on Thursday (September 28) by offloading its whole 3.4% investment in the company in the open market.

According to data available on BSE, Sequoia Capital, an American venture capital firm, sold 13,60,975 shares of the company at Rs 240 apiece on the BSE. The company sold 4,25,000 shares on the NSE.

Meanwhile, in a separate bulk deal, Happiest Minds Technologies promoter Ashok Soota, offloaded 13,12,951 shares of the company, constituting 0.9% stake, at Rs 879.04 a share, according to a Economic Times report. As of June end, Soota owned nearly 41% stake in the company.

On Friday, the share price of Quick Heal Technologies was up 1.01% at Rs 281.35 per share at 9:53 am IST. The shares of the company have gained almost 40% in the last one year. In the last 6 months, the has given multibagger returns of 113%.

Earlier, in June this year, Sequoia Capital announced its decision to split into three entities: the United States, China, and India & Southeast Asia. According to the firm, the move was necessary because its portfolio companies in these geographies grew large enough to overlap and create territorial conflicts.

The rebranding came in the wake of a series of controversies at Sequoia invested startups in India.

Sequoia, an early investor in Quick Heal, held over a 10% stake in the company prior to its initial public offering in 2016. The venture capital firm had offloaded part of its stake in the IPO through an offer for sale.

Sequoia Capital has over $85 billion in assets under management (AUM) and has invested in many firms in India.