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

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

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

Meanwhile, Moneycontrol reported on Thursday that Softbank is likely to sell a $150 million stake in Delhivery through a fresh block deal. The Japanese conglomerate reportedly offloaded a 4 percent stake in the logistics firm, according to the report.

SoftBank held a 14.5 percent stake in the logistics firm, through SVF Doorbell (Cayman) as of Sept. 30, exchange data showed, after offloading its 3.8 percent stake in March. SoftBank had invested a total of $380 million in the Indian logistics firm. The bulk deal is worth it 954 crore occurred in Delhivery at 340 each.

Also read: Delivery Results Q2: The net loss narrows to 59% 103 crore, revenue up 8% YoY

Investors such as Saudi Arabian Monetary Authority, New York City Group Trust, Societe Generale, BNP Paribas Arbitrage, Morgan Stanley Mauritius, Emerging Markets Equity Fund, etc. along with the wholesale transaction, which took place in March. SoftBank, Tiger Global had sold 1.2 crore shares in Delhivery at 335 each.

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

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

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

On Friday, Delhivery shares fell 2.05 percent after a report on Thursday indicated that Softbank was offloading Delhivery shares. Delhivery shares opened at 407 and fell more than 2 percent to hit an intraday low 398.75.

Benchmark domestic equity indices ended in the red on Friday’s session amid weak cues from Asian markets and saw highly 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. Delhivery shares settled 3.51 percent lower at 399.80 apiece on the BSE.

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Updated: 17 November 2023, 08:19 PM IST

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