Mumbai: Private equity firm Paragon Partners on Thursday sold a 3.09% stake in real estate construction services company Capacit’e Infraprojects Ltd, according to a stock exchange filing.

Paragon Partners sold a total of 2.1 million shares of the company, bringing down its shareholding in the firm to 8.89% from 11.98%.

Stocks were sold at a price of Rs417 apiece to Societe Generale, valuing the sale at Rs87.57 crore, according to data from the National Stock Exchange.

Founded in August 2015 by Siddharth Parekh and Sumeet Nindrajog, Paragon Partners focuses on sectors such as financial services, consumer discretionary, asset-light infrastructure services, industrials and healthcare services. Parekh is the son of Housing Development Finance Corp. Ltd (HDFC) chairman Deepak Parekh.

Capacit’e Infraprojects is the first investment of Paragon Partners, from its maiden private equity fund, Paragon Partners Growth Fund-I.

Paragon Partners Growth Fund-I, which had raised $50 million in its first close in March 2016, secured commitments of approximately $120 million for its final close in November. Paragon’s other investments include Maini Precision Products Ltd, Cravatex Brands and InCred.

Capacit’e Infraprojects undertakes construction of residential, commercial and institutional buildings, primarily in the Mumbai metropolitan region, the National Capital Region and Bengaluru.

Capacit’e Infraprojects, which went public in September, raised Rs400 crore in primary capital through its initial public offering.

On Thursday, shares of Capacit’e Infraprojects gained 0.02%, to close at Rs417.2 on BSE; while the benchmark Sensex lost 1.35% to close at 33,149.35 points.

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