US-based venture capital firm Celesta Capital sold 357,600 shares of the drone manufacturing company IdeaForge at Rs 768.08 apiece in a bulk deal on Tuesday.
Port Louis-registered Celesta Capital II Mauritius fund offloaded shares worth Rs 27 crore on June 18, according to NSE data.
Inc42 was the first to report the development.
Following the transaction, shares of the drone manufacturer fell by up to 5% to Rs 805.25 apiece on Tuesday.
Founded in 2007 by IIT Bombay graduates Ashish Bhat, Ankit Mehta, Rahul Singh, and Vipul Joshi, IdeaForge specialises in manufacturing unmanned aircraft systems (UAS) for surveillance, mapping, and surveying applications.
IdeaForge went public in July 2023, raising over Rs 500 crore through its IPO. The IPO was oversubscribed 106 times, with strong demand from institutional and retail investors. The shares listed at a premium of 94% on the stock exchanges.
Its shares were listed at Rs 1294.95 on the National Stock Exchange, however, it is now trading at a 37% discount.
The company is backed by several marquee investors, including Qualcomm Asia Pacific, Infosys, and Celesta Capital.
Edited by Affirunisa Kankudti
