Carlyle Group To Offload 2.5% Stake In Delhivery Via Block Deal

Private equity firm Carlyle Group is once again planning to sell its stake in Indian logistics unicorn Delhivery. The company is reportedly set to offload 2.53% of its holding in Delhivery via a block deal.

The block deal is likely to take place on Thursday (June 22) after the market opens, CNBC Awaaz reported citing sources.

The block deal will reportedly take place at a price of INR 385.5 apiece. With the deal, Carlyle Group is expected to sell Delhivery shares worth over INR 700 Cr.

Shares of Delhivery ended Wednesday’s session marginally lower at INR 388.95 on the BSE.

In November last year, CA Swift Investments, owned and controlled by Carlyle Group, sold 2.5% of its stake, or 1.8 Cr shares of Delhivery, worth INR 607 Cr via a bulk deal.

As of quarter ended March 2023, Carlyle Group, through CA Swift Investments, held a 2.53% stake, or 1.8 Cr shares of Delhivery. 

If the block deal takes place, it would result in a complete exit of the PE firm from the logistics unicorn.

Delhivery shares have been rallying since the beginning of this month and have gained over 8% as investor sentiment has turned positive on new-age tech stocks after sharp drop in their valuations in 2022.

With most of the new-age tech stocks regaining their mojo in the last few months, many pre-IPO investors have been offloading their stakes. 

After selling its stake in Paytm multiple times, SoftBank is reportedly again planning to sell its stake in the fintech giant in several tranches. SoftBank will also do the same with its stake in Zomato.

Earlier, in March this year, SoftBank sold 2.8 Cr Delhivery shares worth INR 954.2 Cr via multiple block deals. Besides, Tiger Global’s Internet Fund III also offloaded 1.2 Cr shares of the logistics startup in a bulk deal worth INR 414.2 Cr in February this year.

Delhivery reported a 32% year-on-year increase in its net loss to INR 158.6 Cr in Q4 FY23. However, the loss declined 19% from INR 195.6 Cr in Q3.