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Business News/ Companies / News/  SoftBank likely to sell stake worth $150 million in Delhivery: Report

SoftBank likely to sell stake worth $150 million in Delhivery: Report

SoftBank is reportedly offloading its 4% stake in Delhivery worth $150 million via block deal. In March, the group had sold 3.8% stake in the logistics firm worth ₹954 crore

SoftBank sold stake worth $150 million in Delhivery in bulk dealPremium
SoftBank sold stake worth $150 million in Delhivery in bulk deal

Multinational investment holding firm, SoftBank, is likely to sell a stake worth $150 million in logistics firm Delhivery via a fresh block deal, Moneycontrol reported on Thursday citing sources.

The Japanese conglomerate is reportedly selling a 4% stake in Delhivery, via a block deal, reported the business news website in a social media post on X, formerly known as Twitter.

Also Read: SoftBank Books $5.2 billion quarterly loss as WeWork files for bankruptcy

Delhivery's shares closed 0.6% higher at 413.85 rupees on Thursday.

Mint couldn't independently verify the claim. Till now, there has been no official confirmation by SoftBank and Delhivery. Kotak Mahindra Capital is the advisor on the block deal, Moneycontrol's post said.

Also Read: SoftBank lines up Apple, Nvidia as strategic arm IPO backers

SoftBank, through its subsidiary SvF Doorbell (Cayman), owned a 14.5% stake in the logistics firm as of September 30. Earlier, the group had offloaded 3.8% of its stake in March. The Japanese investment firm had offloaded a stake worth 954 crore in March this year. 

Also Read: SoftBank seeking to invest or partner with OpenAI: Report

SoftBank had invested a total of $380 million in the Indian logistics firm. The bulk deal worth 954 crore in Delhivery took place at 340 apiece.

The bulk deal transaction, that took place in March, was joined by investors like 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. 

Also Read: All eyes on SoftBank subsidiary Arm Holdings IPO as quiet period nears end

Before SoftBank, Tiger Global had sold 1.2 crore shares in Delhivery at 335 apiece.

SoftBank had booked a $5.2 billion loss in its September quarter, mainly because of the bankruptcy of the once high-flying WeWork. Compared to SoftBank's $5.2 billion net loss for the three months to end-September in 2023, the investment group had reported a 3.0 trillion profit a year earlier when it sold down a large portion of its stake in Chinese e-commerce giant Alibaba.

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Published: 16 Nov 2023, 08:37 PM IST
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