Employees at Honasa Consumer Care, the parent company of Mamaearth, are anticipated to sell shares valued at Rs 150 crore in a block deal this week, as per CNBC-Awaaz sources. The expected block deal is projected to transpire at a 5-7 percent markdown from the market price of Rs 477.10.
Reportedly, this block deal entails an ESOP (employee stock ownership plan) pool of around 31 lakh shares, and Kotak has been engaged as the broker for the transaction. However, Moneycontrol couldn’t independently corroborate this information.
Following its listing, Honasa Consumer’s shares have ascended by over 47 percent from the issue price of Rs 324. On November 24, the stock concluded 12 percent higher on the NSE. The company has issued stock options under ESOP 2018 and ESOP 2021, according to the prospectus.
Last week, Honasa Consumer disclosed a 93 percent surge in consolidated net profit to Rs 29 crore for the quarter ending September 30, up from Rs 15 crore in the corresponding period last year.
Jefferies, a prominent foreign broking firm, has been a fervent advocate of Honasa’s stock. In a note dated November 23, Jefferies revealed its inclusion of Honasa in its model portfolio, replacing Marico, with a target price of Rs 530.
The company’s robust growth path, marked by over 30 percent revenue growth and consistent margin expansion, caught Jefferies’ attention. According to their analysis, Honasa’s focus on premium customers renders it resilient to economic slowdowns and inflationary pressures.
