Softbank may sell Rs 600-cr stake in Delhivery through block deals on March 1: Report
The block deals to sell the share could begin on March 1.
- Feb 28, 2023,
- Updated Feb 28, 2023 7:45 PM IST
Japanese investment giant conglomerate Softbank Group plans to sell its stake in block deals totaling roughly Rs 600 crore in Delhivery, a logistics and supply chain company based in Gurugram, reported Moneycontrol.
The block deals to sell the share could begin on March 1, the report quoted sources saying, further adding that if the deal increases demand, then the company can explore options of expanding its operations.
The shares are expected to be offered at a 3-5 percent discount to the current market price, Moneycontrol quoted sources as saying. Citigroup will act as the block deal's broker.
Softbank is the logistics company's sole public shareholder, with an 18.42 per cent interest as of December 31 through its subsidiary Svf Doorbell (Cayman) Ltd. Softbank has acquired more than 22 per cent of Delhivery prior to its IPO.
Delhivery is engaged in providing a full range of logistics services, including delivery of express parcel and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software.
Japan's SoftBank Group Corp fell to a quarterly loss on Tuesday, as its giant Vision Fund investment unit remained in the red for a fourth straight quarter, sharpening focus on when markets will recover enough to allow it to list some assets.
(More details awaited)
Japanese investment giant conglomerate Softbank Group plans to sell its stake in block deals totaling roughly Rs 600 crore in Delhivery, a logistics and supply chain company based in Gurugram, reported Moneycontrol.
The block deals to sell the share could begin on March 1, the report quoted sources saying, further adding that if the deal increases demand, then the company can explore options of expanding its operations.
The shares are expected to be offered at a 3-5 percent discount to the current market price, Moneycontrol quoted sources as saying. Citigroup will act as the block deal's broker.
Softbank is the logistics company's sole public shareholder, with an 18.42 per cent interest as of December 31 through its subsidiary Svf Doorbell (Cayman) Ltd. Softbank has acquired more than 22 per cent of Delhivery prior to its IPO.
Delhivery is engaged in providing a full range of logistics services, including delivery of express parcel and heavy goods, PTL freight, TL freight, warehousing, supply chain solutions, cross-border Express, freight services, and supply chain software.
Japan's SoftBank Group Corp fell to a quarterly loss on Tuesday, as its giant Vision Fund investment unit remained in the red for a fourth straight quarter, sharpening focus on when markets will recover enough to allow it to list some assets.
(More details awaited)