Accel, two others sell nearly 5% stake in Amagi Media Labs for ₹587 crore

Three entities, including global venture capital firm Accel, on Friday divested nearly a 5 per cent stake in SaaS company Amagi Media Labs for Rs 587 crore through open market transactions. A total of 1,04,88,021 equity shares, representing a 4.85 per cent stake in Bengaluru-based Amagi Media Labs, were offloaded by Trudy Holdings, AVP I Fund and Accel through its affiliates, according to block deal data on the NSE. The shares were disposed of at an average price of Rs 560 apiece, taking the combined transaction value to Rs 587.33 crore. AVP I Fund is an investment vehicle linked to AVP, formerly AXA Venture Partners/ Atlantic Vantage Point, which is an independent global technology investment platform. Meanwhile, a clutch of domestic mutual funds, an insurance company and foreign investors participated in the transaction. SBI Mutual Fund (MF), Tata MF, ICICI Prudential MF, Edelweiss MF, DT Fund, and Baroda BNP Paribas MF purchased an equal number of shares at the same price, as p