Softbank sells 1.83 crore shares of Delhivery in ₹739-crore bulk deal: NSE Data

Masayoshi Son-led Japanese tech giant Softbank sold 1.83 shares of logistic firm Delhivery through its subsidiary SVF Doorbell (Cayman) at an average price of 403.51 per equity share, in a fresh bulk deal, showed NSE data on Friday, November 17.

With this transaction, the total bulk deal amount comes around 739 crore, taking into account the quantity traded and the average price, as per NSE. SVF Doorbell (Cayman) Ltd sold 1,83,05,480 shares of Delhivery at an average price of 403.51 per share, which leads to the total deal amount at 7386444234.8 or 739 crore. (1,83,05,480 × 403.51 = 7386444234.8).

Meanwhile, Moneycontrol had reported on Thursday that Softbank were likely to sell a stake worth $150 million in Delhivery via a fresh block deal. The Japanese conglomerate was reported to offload a 4 per cent stake in the logistic firm, according to the report.

SoftBank held a 14.5 per cent stake in the logistics firm, through SVF Doorbell (Cayman) as of September 30, exchange data showed, after it offloaded 3.8 per cent of its stake in March. SoftBank had invested a total of $380 million in the Indian logistics firm. The bulk deal worth 954 crore in Delhivery took place at 340 apiece.

Also Read: Delhivery Q2 Results: Net loss narrows 59% to 103 crore, revenue up 8% YoY

The bulk deal transaction, that took place in March, was joined by investors like the Saudi Arabian Monetary Authority, City of New York Group Trust, Societe Generale, BNP Paribas Arbitrage, Morgan Stanley Mauritius, Baillie Gifford Emerging Markets Equities Fund, etc. Before SoftBank, Tiger Global had sold 1.2 crore shares in Delhivery at 335 apiece.

Delhivery announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on November 4, reporting a sharp decline of 51 per cent in consolidated net loss at 103 crore, compared to 254 crore in the corresponding period last year. 

The logistic firm’s net loss has more than halved at a time when growth in the e-commerce sector – which is the company’s primary customer base – slowed amid higher inflation and fund crunch.

The revenue from operations of India’s largest fully-integrated logistics services provider in the second quarter of current fiscal stood at 1,914 crore, registering a growth of 8 per cent, compared to 1,796 crore in the year-ago period.

On Friday, shares of Delhivery declined 2.05 per cent after Thursday’s report indicated towards Softbank offloading Delhivery shares. Delhivery shares opened at 407 and dropped over 2 per cent to hit an intra day low of 398.75. 

Domestic equity benchmark indices ended in red on Friday’s session amid weak cues from the Asian markets and witnessed extremely volatile trading trends. However, the broader market outperformed the benchmark indices in today’s session. 

The 30-share BSE Sensex ended lower by 187.75 points or 0.28 per cent at 65,794.73 level while the Nifty 50 closed at 19,731.80 level, down 33.40 points or 0.17 per cent. Shares of Delhivery settled 3.51 per cent lower at 399.80 apiece on the BSE.

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Updated: 17 Nov 2023, 08:19 PM IST

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