Shares of Delhivery were down 1.5 per cent to Rs 339 in Wednesday’s intra-day trade, after nearly 4 per cent of total equity of logistics solution provider changed hands via block deals.
At 09:15 am; around 28 million equity shares, which represented 3.8 per cent of total equity shares of Delhivery changed hands on the BSE, the exchange data shows. The names of the buyers and sellers were not ascertained immediately.
According to media reports, Japanese Softbank Group planned to sell stake worth Rs 600 crore in Delhivery via block deal. As on December 31, 2022, Softbank held a stake of 18.42 per cent in Delhivery via its subsidiary Svf Doorbell (Cayman) Ltd.
Last week, on February 22, the US-based investment management company Tiger Global Management had sold 20.38 million equity shares—or 2.80 per cent stake—of Delhivery via open market. Prior to the sale, Tiger Global had a 5.38 per cent stake in the company.
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As per the filings with BSE, the venture capital funds, Internet Fund III and Tiger Global Investments Fund, managed by Tiger Global Management, have sold 19.28 million and 1.10 million equity shares, respectively.
Post the sale, Internet Fund III holds 2.55 per cent or 18.60 million equity shares in Delhivery, the exchange filing shows.
In the past one month, the stock has outperformed market as it surged 11 per cent, as compared to 1 per cent decline in the S&P BSE Sensex. However, in the past six months, it slipped 40 per cent, as against 1 per cent rise in the benchmark index.
Delhivery is India’s largest and fastest-growing fully-integrated logistics services provider. With its nationwide network coverage of over 18,500 pin codes, the company provides a full suite of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology service.