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Carlyle to sell stake in Delhivery via block deal

June 21, 2023
in Business
Carlyle to sell stake in Delhivery via block deal
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Carlyle is likely to offload its entire stake in internet logistics firm Delhivery through a block deal, according to reports.

Under the proposed deal, Carlyle will shed about 1.84 crore shares or 2.53% stake in the company. The offer price is set at Rs 385.5 apiece, which is at a minor discount of 0.6% from the last traded price.

Through the stake sale, Carlyle is likely to earn about Rs 709 crore.

Carlyle Group, a global alternative asset manager, had acquired a significant minority stake in Delhivery in March 2017. In November last year, CA Swift Investments had divested a 2.5% stake Delhivery for Rs 607 crore through the open market transaction. CA Swift Investments is a special-purpose vehicle, owned and controlled by Carlyle Group.

As of March quarter, Carlyle held 2.53% stake in the company, down from 5.07% stake owned as of September quarter of last year.

Delhivery launched its IPO in May last year and since then the stock has seen muted performance at the bourses, falling about 28%.

On Wednesday, the stock closed 0.26% lower at Rs 388 apiece on NSE. So far this year, it is up nearly 17% on a year-to-date basis.

Earlier this year, another prominent venture capital fund Tiger Global has offloaded stake in Delhivery through open market transactions.

Tiger Global, through its affiliate, Internet Fund III Pte, has offloaded 0.75% in March and another 1.6% stake in the company in April through open market transactions.

Delhivery is among the largest logistics players in India with full-stack solutions across the value chain. It is fully owned by public shareholders, wherein top mutual funds own 12.63% and the stake held under foreign direct investment is about 49.78%.

For the March quarter, Delhivery saw its net loss widen to Rs 159 crore. The company had reported a loss of Rs 120 crore in the March quarter of last year.

Revenue from operations fell 10% to Rs 1,860 crore for the quarter under review.

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