New Delhi, Nov 16 (SocialNews.XYZ) Japanese investment giant SoftBank is going to sell its stake worth $150 million in logistics firm Delhivery, media reported on Thursday.
According to Moneycontrol, citing sources, SoftBank is likely to sell the shares which equates to a around 4 per cent stake in Delhivery, via a block deal.
SoftBank and Delhivery did not immediately comment on the report.
SoftBank, via its subsidiary Svf Doorbell (Cayman), has a 14.6 per cent stake in the logistics firm.
"Softbank is looking to sell around 4 percent stake in Delhivery via the block deal route. The deal size is around $150 million," the report said, citing sources.
Logistics services provider Delhivery's net loss in the September quarter (Q3) of the current financial year was more than halved to Rs 103 crore, while revenue increased by 8 per cent to Rs 1,942 crore, despite higher inflation and fund crunch.
The company reported a loss of Rs 254 crore and revenue of Rs 1,796 crore in the same quarter of the previous year.
Last month, nearly 9.28 crore equity shares of online food delivery platform Zomato worth Rs 1,040 crore were offloaded on Friday in a bulk deal, likely by SoftBank. SoftBank, via its affiliate SVF Growth (Singapore) Pte, likely sold 1.09 per cent stake in Zomato in the bulk deal. Shares exchanged hands at an average price of Rs 111.20. SoftBank held a 2.17 per cent stake in Zomato (by September 2023 quarter).
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz