Delhivery shares fall over 3.50% on large block deal
Delhivery, the country's largest fully integrated logistics services provider, tumbled 3.70% in early trade on Friday, reaching ₹398.50 apiece. This downturn came after 1,74,57,113 shares of the company changed hands in a block deal window on Friday. The total worth of the transaction was around ₹722.18 crore.
The buyers and sellers, however, were not known immediately. Earlier, it was reported that Japan’s SoftBank Group Corp. would sell shares worth $154 million (4% stake) in Delhivery in a block deal on Friday, Moneycontrol reported on Thursday, citing sources.
Following the sale, the investment firm is expected to retain a 10–11% stake in the new-age logistics firm. Also Read: SoftBank likely to sell stake worth $150 million in Delhivery: Report SoftBank, through its subsidiary SvF Doorbell (Cayman), owned a 14.5% stake in the logistics firm as of September 30. Earlier, the group had offloaded 3.8% of its stake in March.
The Japanese investment firm had offloaded a stake worth ₹954 crore in March this year. Also Read: Delhivery bets on improving H2 demand to deliver earnings The bulk deal transaction, which took place in March, was joined by investors like the Saudi Arabian Monetary Authority, City of New York Group Trust, Societe Generale, BNP Paribas Arbitrage, Morgan Stanley Mauritius, Baillie Gifford Emerging Markets Equities Fund, etc. Before SoftBank, Tiger Global had sold 1.2 crore shares in Delhivery at ₹335 apiece.
SoftBank has been selling stakes in publicly held companies from its portfolio, such as Zomato, Paytm, and Delhivery. Last month, it mopped up ₹1,020 crore from a 1.1% stake sale in Zomato. In terms of financials, Delhivery net losses narrowed to ₹103 in Q2FY24 crore as compared to a net loss of
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