Canada Pension Plan Investment Board Exits Delhivery

SUMMARY

Canada Pension Plan Investment Board sold Delhivery shares in multiple block deals worth INR 910.2 Cr

With the latest block deals, CPPIB, which offloaded 2.04 Cr shares of Delhivery in April this year, completely exited the logistics unicorn

Multiple funds of HSBC, ICICI Prudential, BofA Securities, Societe Generale, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund, among others, were among the buyers

Canada Pension Plan Investment Board (CPPIB) has exited logistics unicorn Delhivery by selling its remaining 2.34 Cr shares, or about 3.18% stake, of the company in multiple block deals worth INR 910.2 Cr on Wednesday (July 10).

Ahead of Delhivery’s IPO in May 2022, Canada Pension held around 4.38 Cr shares in the logistics unicorn, or a 13.45% stake. With Delhivery’s IPO, the fund’s stakeholding in the company came down to a little over 6% with 4.38 Cr shares.

As per BSE data, CPPIB held the same number of shares in Delhivery with a 5.96% stake at the end of the March quarter of 2024.

In April this year, the fund dumped 2.77% of its stake, or 2.04 Cr shares, in the company for INR 908 Cr. With the latest block deals, CPPIB has exited Delhivery by selling shares worth a total of INR 1,818.2 Cr post the startup’s listing on the bourses.

Meanwhile, the shares sold by CPPIB today were lapped up by multiple funds of HSBC, ICICI Prudential, BofA Securities, Societe Generale, Aditya Birla Sun Life Mutual Fund, Nippon India Mutual Fund, FMRC Fidelity Emerging Markets Fund, among others.

While FMRC Fidelity Emerging Markets Fund bought 61.9 Lakh shares, ICICI Prudential bought 33.5 Lakh shares of Delhivery.

Aditya Birla Sun Life Mutual Fund bought 40 Lakh shares of Delhivery in today’s block deal, while HSBC, across its multiple funds, purchased over 20 Lakh shares.

CPPIB sold Delhivery shares today at around a 1% discount to their closing price of INR 392.35 on the BSE on Tuesday.

Shares of Delhivery ended today’s session 1.2% lower at INR 387.75 on the BSE following the block deals. Currently, the shares are trading over 21% lower from their listing price of INR 493 on the exchange.

Besides dumping its stake in Delhivery, CPPIB also sold 1.47 Cr shares of Nykaa worth INR 256.4 Cr in another bulk deal today.

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