Masayoshi Son-led Japanese tech giant Softbank has sold 1.83 shares of logistics company Delhivery through its subsidiary SVF Doorbell (Cayman) at an average price of ₹403.51 per share, in a fresh wholesale deal, NSE data showed on Friday, November 17.
With this transaction, the total wholesale deal comes around ₹739 crore, taking into account the traded volume and the average price, according to 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 agreement 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 stake worth $150 million in Delhivery through a fresh block deal. According to the report, the Japanese conglomerate offloaded a 4 percent stake in the logistics company.
SoftBank held a 14.5 percent stake in the logistics firm, through SVF Doorbell (Cayman) as of Sept. 30, exchange data showed, after it offloaded 3.8 percent of its stake in March. SoftBank invested a total of $380 million in the Indian logistics company. The wholesale deal is worth it ₹954 crore in Delhivery took place at ₹340 each
Read also: Delhivery Q2 results: Net loss narrows 59% to ₹103 crore, revenue up 8% YoY
The transaction of a large agreement, which took place in March, was joined by investors such as 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. SoftBank, Tiger Global sold 1.2 crore shares in Delhivery at ₹335 each.
Delhivery announced its July-September quarterly 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 as growth in e-commerce – which is the company’s main customer base – slowed amid higher inflation and finance.
The revenue from operations of India’s largest fully integrated logistics services provider in the second quarter of the current fiscal was at ₹1,914 crore, registering a growth of 8 percent, compared to ₹1,796 crore in the year-ago period.
Milestone Warning!Livemint tops charts as the fastest growing news site in the world 🌏 Click here to know more
Catch all Business News, Market News, News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More or less
Updated: 17 Nov 2023, 20:19 IST