BackSoftBank to sell $154 mn shares in Delhivery
SoftBank will continue to hold 10-11% in the new-age logistics firm after the sale
PremiumMUMBAI : 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 firm will continue to hold 10-11% in the new-age logistics firm after the sale.
SVF Doorbell (Cayman) Ltd, an entity owned by Masayoshi Son-led SoftBank, will sell 31 million shares at ₹403.5-413.85 each, a discount of not more than 2.5% to Thursday’s closing. Kotak Securities Ltd will manage the transaction.
SoftBank is looking to take some money off the table after selling a small stake in the initial public offering (IPO) of the Gurugram-based company in 2022. Later, in March this year, it sold a 3.8% stake for ₹954 crore.
Once the block sale is concluded, SoftBank would have pulled out around $310 million from Delhivery, against $380 million it has invested in the company. It owned around 22% stake in the company in 2018; as on 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 crore.
Its operating revenues grew 10.55% to ₹1,929.8 crore in the June quarter, from ₹1,745.7 crore a year earlier.
SoftBank has been selling stakes in the publicly held companies from its portfolio such as Zomato, Paytm and Delhivery. Last month, it mopped 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 tech investor has pulled out over $5.5 billion in exits out of its India portfolio since opening office in Mumbai in November 2018, of which around $1.5 billion was booked in the last 12-18 months.
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