Canada Pension Board Offloads 2.04 Cr Delhivery Shares

Canada Pension Plan Investment Looking To Sell Partial Stake In Delhivery For $110 Mn

SUMMARY

Canada Pension Plan Investment Board dumped Delhivery shares in a block deal worth INR 908 Cr

The shares that flooded the market were lapped up by the likes of American Fund Insurance A/C, HSBC, Fidelity, and The Master Trust Bank of Japan

The Canadian pension fund held 4.38 Cr shares of Delhivery, or a 5.96% stake, at the end of the March quarter of 2024

Update | April 25, 01:35 AM

Canada Pension Plan Investment Board on Wednesday (April 24) offloaded nearly half of its stake (46%) in logistics giant Delhivery in a block deal worth INR 908 Cr (about $108 Mn).

As per the NSE data, the fund sold 2.04 Cr shares at a price of INR 444.30 per share.

The shares that flooded the market were lapped up by the likes of American Fund Insurance A/C, HSBC, Fidelity, and The Master Trust Bank of Japan.

American Fund Insurance picked up 1.38 Cr shares of Delhivery, while HSBC India Infrastructure Equity Mother Fund bought 3.78 Lakh shares. Meanwhile, Fidelity, through its multiple subsidiaries, picked 37.5 Lakh shares of the logistics major.

Original Story | April 24, 21:16 PM

Canada Pension Plan Investment Board is reportedly looking to sell a part of its stake in logistics major Delhivery for about $110 Mn (about INR 916 Cr).

As per a Moneycontrol report, the fund plans to sell the stake via a block deal. Kotak Mahindra Capital is the advisor on the proposed deal, it said.

Canada Pension Plan Investment Board held 4.38 Cr shares in Delhivery, or a 5.96% stake, at the end of the March quarter of 2024, as per the data available with the BSE.

The value of this stake translates to about INR 1,965 Cr, as per the stock’s last closing price of INR 448.65 on the BSE.

Inc42 has reached out to the Canada Pension Plan Investment Board for a confirmation on the development. The story will be updated on receiving a response.

It is pertinent to note that Delhivery saw several of its pre-IPO investors, including Carlyle Group, SoftBank, and Tiger Global, offload parts of their stakes in the logistics major via multiple block deals in 2023.

In fact, in June last year, Carlyle Group exited Delhivery with about 2.7X returns by selling its 1.84 Cr shares in the company via block deals worth a total of INR 709.5 Cr.

Meanwhile, SoftBank, via SVF Doorbell (Cayman) Ltd, still holds a 10.64% stake in Delhivery and is the single biggest FDI stakeholder in the startup.

Delhivery turned profitable in the last reported quarter – Q3 FY24. The company posted a consolidated profit after tax of INR 11.7 Cr in the December quarter, while operating revenue jumped over 20% year-on-year to INR 2,194.5 Cr.

Shares of Delhivery have gained over 15% year to date.