By Aayush Khanna
Japanese tech giant SoftBank, led by Masayoshi Son, is reportedly planning to sell a portion of its stake in the prominent logistics service provider, Delhivery (NS:), aiming to raise approximately $150 million. The proposed sale involves about 4% of Delhivery’s stake through a block deal, with Kotak Mahindra (NS:) Capital serving as the advisor for the transaction. SoftBank had previously sold shares of Zomato (NS:) worth over INR 1,000 crore in October.
Despite Delhivery significantly reducing its losses in the September 2023 quarter, CLSA has lowered its share price target to INR 493 from INR 550, citing a 3.2% reduction in sales estimates for FY24-25.
SoftBank, Delhivery, and Kotak Mahindra Capital have not issued official comments on the matter. Currently, SoftBank’s entity SVF Doorbell (Cayman) Ltd holds a 14.46% stake in Delhivery, whose stock has experienced a nearly 12% increase over the last twelve months.
In 2023, SoftBank actively engaged in block deals, including selling part of its stake in Zomato and PB Fintech (NS:), marking a dynamic year for such transactions. According to Prime Database, private equity and venture capital firms exited investments totaling INR 57,338 crore through block deals between January and August 2023, surpassing the INR 41,051 crore recorded during the same period the previous year.
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