Delhivery, an integrated logistics provider, witnessed a block deal where approximately 2.51% of its shares valued at Rs 747 crore were exchanged, with indications pointing towards Japanese investment conglomerate SoftBank as the likely seller.
During this block deal, roughly 1.8 crore shares of Delhivery changed hands at Rs 403 per share. Reports initially hinted at SoftBank's intent to divest a portion of its stake in the logistics firm for around $150 million, as first reported by Moneycontrol.
Before this recent transaction, SoftBank, operating through its subsidiary Svf Doorbell (Cayman), held a 14.6% stake in Delhivery. The stock of Delhivery was trading around Rs 402.5 in early market activity.
In recent months, SoftBank has been shedding stakes in various ventures, including Zomato and Policybazaar’s parent company PB Fintech.
Delhivery reported a significant reduction in net losses for the September quarter of the current fiscal year, marking a decrease to Rs 103 crore compared to Rs 254 crore in the same period the previous year. Despite challenges such as higher inflation and funding constraints, the company experienced an 8% increase in revenue, reaching Rs 1,942 crore from Rs 1,796 crore in the previous year's quarter.
Regarding Zomato, a significant offload of nearly 9.28 crore equity shares worth Rs 1,040 crore occurred in a bulk deal, potentially executed by SoftBank. It's suggested that SoftBank, via its affiliate SVF Growth (Singapore) Pte, divested approximately 1.09% stake in Zomato at an average price of Rs 111.20 per share. As of the September 2023 quarter, SoftBank had a 2.17% stake in Zomato.
(With Agency Inputs)
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