SoftBank likely sold 2.5% stake worth Rs 747 cr in Delhivery

by IANS |

New Delhi, Nov 17 (IANS) Integrated logistics provider Delhivery on Friday saw 2.51 per cent of its shares worth Rs 747 crore exchanging hands in a block deal, with Japanese investment giant SoftBank as likely seller.

Around 1.8 crore shares of Delhivery changed hands at Rs 403 per share.

Moneycontrol was on Thursday first to report about Softbank's move to sell some of its stake in the logistics firm in a block deal valued at $150 million.

Before the block sale, SoftBank, via its subsidiary Svf Doorbell (Cayman), had a 14.6 per cent stake in the logistics firm.

The Delhivery stock was hovering around Rs 402.5 in early trade.

Over the past few months, Softbank has divested its stake in Zomato and Policybazaar’s parent company PB Fintech.

Logistics services provider Delhivery's net loss in the September quarter (Q3) of the current financial year was more than halved to Rs 103 crore, while revenue increased by 8 per cent to Rs 1,942 crore, despite higher inflation and fund crunch.

The company reported a loss of Rs 254 crore and revenue of Rs 1,796 crore in the same quarter of the previous year.

Last month, nearly 9.28 crore equity shares of online food delivery platform Zomato worth Rs 1,040 crore were offloaded in a bulk deal, likely by SoftBank.

SoftBank, via its affiliate SVF Growth (Singapore) Pte, likely sold 1.09 per cent stake in Zomato in the bulk deal. Shares exchanged hands at an average price of Rs 111.20. SoftBank held a 2.17 per cent stake in Zomato (by September 2023 quarter).

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