Accel, Peak XV, and Quick Routes pare stake in Zinka Logistics
Flipkart, Accel, and Peak XV exit stakes in Zinka Logistics via bulk deals; new investors including ADIA and SBI MF pick up 4.7% in the logistics unicorn, BlackBuck.
Early investors of truck-aggregation platform BlackBuck, run by Zinka Logistics, have offloaded significant stakes in a series of bulk deals, just over six months after the company went public.
BlackBuck's early backer Flipkart, through its subsidiary, Quick Routes International, sold its entire 9.01% stake for Rs 672 crore via two bulk deals. The ecommerce major had offloaded 3.9 million shares during BlackBuck's public debut in November 2024.
Investor, Accel, sold its 2.7% stake through its affiliates, Accel India IV (Mau
ritius) and Accel Growth Fund V, taking home Rs 204 crore. These shares were sold in the price range of Rs 420.04–420.29 per share, per NSE.
Other backers, such as Peak XV Partners' affiliate, Peak XV Partners Investments VI, also sold 12.10 lakh shares of Zinka Logistics for Rs 53.84 crore for Rs 444.71 per share.
Meanwhile, Abu Dhabi Investment Authority, Massachusetts Institute of Technology, ICICI Prudential Mutual Fund, SBI Mutual Fund and Nomura India acquired a total of 83.87 lakh shares or cumulatively a 4.73% stake in Bengaluru-based Zinka Logistics.
ICICI Prudential Life Insurance bought 9.52 lakh shares of Zinka Logistics for Rs 40 crore, as per the data on the BSE.
Shares of Zinka Logistics opened at Rs 445 apiece on Wednesday on NSE.
Zinka Logistics Solutions is the parent entity of logistics unicorn Blackbuck. Bengaluru-based BlackBuck allows truckers to book a load and move at capacity through its marketplace and enabling shippers to have access to trucks.
Flipkart, through Flipkart Investments Private, also diluted its entire 6% stake in Aditya Birla Fashion and Retail
through block deals worth Rs 583 crore. Following the stake sale, shares of Aditya Birla Fashion & Retail (ABFRL) plunged nearly 11% to trade at Rs 76.94 apiece on NSE.
As per the block deal, up to 7.31 crore equity shares of ABFRL were sold at a floor price of Rs 79.50 per share. This represents a discount of about 7.6 per cent to ABFRL's closing price of Rs 86 on the National Stock Exchange (NSE) on Tuesday, as per the term sheet reviewed by PTI.
Goldman Sachs was the sole bookrunner for the deal.
(Along with inputs from PTI)