MUMBAI : Japan’s SoftBank Group Corp. will sell shares worth $154 million ( ₹1,250 crore) in Delhivery in a block deal on Friday, a term sheet for the transaction showed. The investment company will continue to hold 10-11% in the new-age logistics company after the sale.
SVF Doorbell (Cayman) Ltd, an entity owned by SoftBank led by Masayoshi Son, will sell 31 million shares at ₹403.5-413.85 each, a discount of no more than 2.5% until Thursday’s close. Kotak Securities Ltd will manage the transaction.
SoftBank is looking to take some money off the table after selling a small stake in the Gurugram-based company’s initial public offering (IPO) in 2022. Then, in March this year, it sold a 3.8% stake for ₹954 crores.
After the block sale is completed, SoftBank would extract about $310 million from Delhivery, against $380 million it invested in the company. It owned about 22% of the company in 2018; as of September 2023, SVF held a 14.46% stake in Delhivery.
On 16 November, Delhivery shares closed at ₹424.35 on BSE, against its IPO price of ₹487. At the current price, it has a market capitalization of ₹30,436 crores.
Its operating income grew 10.55% to ₹1,929.8 crore in the June quarter, from ₹1,745.7 crore a year earlier.
SoftBank sold shares in its publicly held portfolio companies such as Zomato, Paytm and Delhivery. Last month, it sprung up ₹1,020 crore from a 1.1% stake sale in Zomato.
In an interview with Mint in August, Sumer Juneja, managing partner, SoftBank said the late-stage technology investor has drawn more than $5.5 billion in exits from its India portfolio since opening an office in Mumbai in November 2018, of which about $ It was 1.5 billion. booked in the last 12-18 months.
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Updated: 17 Nov 2023, 00:02 IST