Delhivery issues bonus shares ahead of IPO
- ByStartupStory | October 4, 2021
IPO-bound new-age logistics services provider Delhivery has issued bonus shares to shareholders ahead of filing its draft prospectus with the capital markets regulator, regulatory documents showed. According to the filings to the Ministry of Corporate Affairs which ET has accessed, the company said on Sunday that it had in an extraordinary general meeting (EGM) held on September 29 decided to allot 16.8 million bonus shares to equity shareholders in the ratio 9:1. Around 90 individuals and entities have been listed as recipients of these bonus shares, the documents showed. The company, backed by SoftBank Vision Fund and Carlyle Group Inc, is looking to raise nearly $1 billion through a planned initial public offering (IPO) by the end of the current financial year. Last month, the company said Lee Fixel, the former partner at New York-based investment firm Tiger Global, had invested $125 million through his fund Addition.
In August, the company secured $100 million from strategic investor FedEx Express. Earlier in June, the 10-year-old company said it had raised $275 million from investors led by GIC and Fidelity. Founded by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan, and Kapil Bharati, Delhivery is an end-to-end logistics and supply chain services company.
It has fulfilled over a billion shipments with over 17,000 customers, including large and small ecommerce participants, and small and medium enterprises. It counts funds such as Fosun, Tiger Global, Times Internet, CPPIB, and Nexus Venture Partners as its other shareholders.
The company said in the regulatory filings that, “…1,68,46,803 shares of Rs 10 each fully paid up with distinctive numbers: from 18,71,868 to 1,87,18,670 bonus shares (will be allotted) to the existing equity shareholders of the company, whose names appear in the register of members of the Company as on September 28, 2021.” The EGM also passed a resolution to allot more stock options under the Esops scheme to eligible past and current employees.
The company is also looking to adjust its compulsorily convertible preference shares (CCPS) in the ratio of 10:1, or 10 equity shares of Rs 10 each for every CCPS of Rs 100 each held by such CCPS holder, pursuant to such bonus issuance, the filings showed.
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