Institutional investors Accel and 360 ONE have sold a combined 4.07 percent stake in jewellery retailer BlueStone for approximately Rs 513 crore. The divestment was executed through multiple bulk and block deals on the stock exchanges. This marks the second major stake sale by these investors in the company during the current year.
Transaction Breakdown
Accel India III (Mauritius) sold 28 lakh shares, representing about 1.84 percent of BlueStone, for nearly Rs 232 crore. Funds managed by 360 ONE offloaded approximately 34 lakh shares, or 2.23 percent, for about Rs 281 crore. The shares changed hands at Rs 827.60 per share, bringing the combined transaction value to around Rs 513 crore.
Following the transaction, Accel's holding through its affiliates declined to 8.71 percent from 10.55 percent. SBI Life Insurance raised its stake to 5.02 percent from 4.4 percent after acquiring more than 9.5 lakh shares worth around Rs 79 crore. The sale follows an earlier divestment in June, when Accel, 360 ONE and IvyCap Ventures sold shares worth about Rs 243 crore.
Institutional Buyer Interest
The shares were picked up by a mix of domestic and overseas institutional investors seeking exposure to the jewellery retailer. Mirae Asset Mutual Fund was the largest buyer, acquiring around 20.8 lakh shares, while Nippon India Mutual Fund, SBI Life Insurance and Bajaj Life Insurance bought approximately 9.5 lakh shares each. Other participants included Bandhan Mutual Fund, Goldman Sachs, Citigroup Global Markets Singapore and Kuwait Investment Authority.
Profitability and Growth
BlueStone's improving financial performance has coincided with the latest stake sale. The company reported a consolidated net profit of Rs 5.96 crore for the first quarter of FY27, compared with a net loss of Rs 34.74 crore in the same period last year. Total income rose 49 percent year-on-year to Rs 751.81 crore during the quarter.
The jewellery retailer has now recorded three consecutive profitable quarters, highlighting a sharp recovery in its financial trajectory. Its shares had also hit the 20 percent upper circuit after the quarterly results were announced. This positive combination of profitability and expanding institutional interest has strengthened investor attention around the stock.
Company Overview
Founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone operates an omnichannel jewellery business that competes with CaratLane, GIVA and other brands. It offers more than 8,000 designs across rings, pendants, earrings and other product categories. As of June 2026, the company operated 352 stores across 139 cities.
Market Context
BlueStone shares closed at Rs 809.30 on September 24, giving the company a total market capitalization of around Rs 12,364 crore. The transaction price represented a premium to prevailing market levels and underscored demand from institutional buyers. The stake sale reflects ongoing portfolio adjustments by early investors even as new institutions enter the counter.
The combined divestment of a 4.07 percent stake for roughly Rs 513 crore underscores the significant churn in BlueStone's institutional investor base. While Accel and 360 ONE have reduced their exposure, participation from mutual funds, insurers and global investors reflects confidence in the company's long term prospects. BlueStone's improving profitability and expanding retail footprint are likely to remain key factors in shaping future investor sentiment.