Delhivery Board Greenlights Alteration In Capital Clause Of MoA

The Board of Delhivery has approved to alter the capital clause of the Memorandum of Association of the logistics major to reclassify unutilised preference share capital into equity shares, subject to shareholder approval at the upcoming annual general meeting.

As per the MoA, the current authorised share capital of the company stands at INR 134.2 Cr, consisting of 87.35 Cr equity shares valued at INR 87.35 Cr, 3 Lakh preference shares worth INR 30 Lakh each, and 46.60 Lakh preference shares valued at INR 46.60 Cr each.

The development comes a day after Delhivery received approval from the Ministry of Corporate Affairs (MCA) to incorporate its drone subsidiary. 

In a regulatory filing, the logistics unicorn informed the stock exchanges that the Ministry has approved the incorporation of its wholly-owned subsidiary, ‘Delhivery Robotics India Private Limited,’ on July 3rd.

Meanwhile, a few days back the logistics major allocated 36,525 stock options under the Delhivery Employees Stock Option Plan 2012. Last month, Delivery allocated 11.06 Lakh ESOPs. 

Founded in 2011 by Bhavesh Manglani, Kapil Bharati, Mohit Tandon, Sahil Barua, and Suraj Saharan, Delhivery is a Gurugram-based company, specialising in logistics and supply chain services.

Delhivery slipped into the red in the March quarter (Q4) of the financial year 2023-24 (FY24), reporting a consolidated net loss of INR 69 Cr as against a consolidated profit after tax (PAT) of INR 11.7 Cr in the preceding quarter.

Operating revenue fell 5% quarter-on-quarter (QoQ) to INR 2,076 Cr from INR 2,194.5 Cr in Q3.

As per an Inc42 report, the Indian drone market is expected to reach $13 Bn in size by 2030, clocking a CAGR of 21% between 2022 and 2030.