18-Nov-2023
2 mins read
In a significant market transaction, Japanese conglomerate Softbank has divested a portion of its stake in the logistics giant Delhivery. Through its entity SVF Doorbell (Cayman), Softbank sold equity shares valued at approximately Rs 738.64 crore.
Details of the Transaction
The transaction, executed on November 17, involved the sale of about 1.83 crore equity shares, representing 2.49% of Delhivery’s paid-up equity. This sale has reduced SVF Doorbell (Cayman)’s total shareholding in Delhivery to around 12%.
Impact on Delhivery’s Share Prices
Following the deal, Delhivery’s shares were traded at an average of Rs 403.51 per share. Notably, the Delhivery stock closed at Rs 399.55 on the NSE, marking its first dip below the Rs 400 level since August 3, indicating a 3.46% decrease.
Softbank’s Previous Engagements with Delhivery
As of September 2023, SVF Doorbell (Cayman) held a 14.46% equity stake in Delhivery. This isn’t the first time Softbank has reduced its stake; in March, it sold around 2.8 crore shares at Rs 340 each, totalling Rs 954 crore. In December 2022, Softbank’s stake in Delhivery was over 18.42%.
A Strategic Shift for Softbank
This move by Softbank reflects a strategic shift in its investment portfolio, impacting Delhivery’s market standing and indicating ongoing changes in the logistics sector.