Softbank to reportedly sell stake worth Rs 600 crore in Delhivery through block deals
- ByStartupStory | March 1, 2023
Reports suggest that Softbank Group is planning to sell shares worth Rs 600 crore in Delhivery via block deals on Wednesday, with the possibility of increasing the size if there is high demand. The shares are expected to be offered at a discount of 3-5% to the current market price.
Citigroup has been appointed as the broker for the transaction. On Tuesday, Delhivery’s shares closed 0.1% lower on the NSE at Rs 344.80.
Softbank may have decided to book profits as Delhivery’s stock registered strong gains this month following its recovery. The logistics company’s shares rose by around 15% in February, marking the second time since its listing in June 2021 that the stock has given double-digit returns in a month.
American investment firm Tiger Global Management has sold its 1.7% stake in Delhivery worth Rs 414 crore through the open market. As of December 2021, Tiger Global had a 4.68% stake in Delhivery through its venture capital firm. Delhivery is one of India’s leading logistics players offering comprehensive solutions across the value chain.
In the December quarter, Delhivery recorded a net loss of Rs 196 crore, extending its loss streak for the fifth consecutive quarter. Despite this, analysts remain optimistic about the logistics company’s growth potential as its operational performance has been improving. In the same quarter last year, Delhivery had reported a loss of Rs 126.5 crore.
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