According to news reports, on Wednesday, the Japanese multinational company Softbank Group plans to sell shares in Delhivery for Rs600 crore through block demand.
If there is a high demand, the conglomerate might consider increasing the quantum of sale.
The shares will probably be offered at a discount of 3–5% below the going rate. Shares of the logistics services provider closed Tuesday’s trading session on the NSE at Rs 344.80, down 0.1%. The deal’s broker is Citigroup.
Softbank may have taken some profits off the table as a result of the stock’s comeback and this month’s significant gains.
Shares of Delhivery increased by around 15% in February. Since the stock was listed in June of last year, it has now returned double digits twice in a single month.
As of the end of December, Softbank, through its firm Svf Doorbell (Cayman) Ltd., held an 18.42% stake in the logistics company, making it the single largest public shareholder. Softbank has already purchased more than 22% of Delhivery prior to the company’s IPO.
Tiger Global Management, an American investment management company, has Monday sold a 1.7% stake in Delhivery on the open market for Rs414 crore. By the end of December, Tiger Global owned 4.68% of the business through its venture capital firm.
One of the biggest players in Indian logistics, Delhivery offers full-stack solutions for the whole value chain.
Delhivery posted a net loss of Rs196 crore for the December quarter as opposed to Rs126.5 crore in the same period last year. The business reported a deficit for the fifth consecutive quarter.
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