SoftBank may have sold Delhivery shares worth Rs 747 Cr

In a large trade worth Rs 747 crore, about 1.8 crore shares of logistics firm Delhivery—equivalent to 2.51% of equity—changed hands on November 17. The transaction was executed at Rs 403 per share.

As of 11 am, shares of the last-mile delivery company had fallen 3.10% on the National Stock Exchange, following the bulk deal.

SoftBank was planning to sell a stake worth $150 million, representing around 4% of its holding, through a block deal, according to a report by Moneycontrol. However, the buyer and seller of the shares on Friday remain undisclosed.

As of September 2023, SVF Doorbell (Cayman), a Softbank-owned entity, held an approximately 14.46% stake in the firm.

Earlier, in March, via a bulk deal transaction, SoftBank had offloaded 2.8 crore shares of Delhivery at Rs 340.80 per share, raising Rs 954 crore. The investment company had an 18.42% stake in Delhivery, as per the shareholding pattern in December 2022.

In February, another major VC, Tiger Global, had sold 1.23 crore shares in Delhivery via the open market to raise Rs 414 crore.

The Gurugram-based logistics company had reported an 8% year-on-year growth in revenue in the second quarter of FY2023-24, from Rs 1,796 crore in the year-ago period to Rs 1,942 crore.

In Q2 FY24, the year-on-year reduction in adjusted EBITDA loss was substantial, reaching 90% and amounting to Rs 13 crore, compared to Rs 125 crore in Q2 FY23. Similarly, the loss after tax saw a significant decrease of 59% to Rs 103 crore (Rs 254 crore).