Delhivery Block Deal: The share price of Delhivery jumped 7.1 per cent to Rs 416.25 apiece as 1.8 crore shares exchanged hands in a block deal as Carlyle reportedly offloaded its entire 2.53 per cent stake in the internet logistics company. However, the stock pared gains to turn flat soon on the back of the overall negative sentiment in the markets.
News18.com could not immediately ascertain the identity of the sellers or the buyers but CNBC-Awaaz had reported a day earlier that global private equity firm Carlyle was looking to sell its 2.53 percent stake in the logistics startup at a base price of Rs 385.5 apiece for a total of $86 billion.
Investment management firm Citigroup was the sole broker for the deal, the CNBC-Awaaz report said.
The Carlyle group was one of the logistic companies’ pre-IPO investors. As soon as the lock-in period for the pre-IPO investors ended on 21 November, 2022, Carlyle Group trimmed its shareholding, selling a 2.5 per cent stake. Notably, the Carlyle Group had reduced its stake in the company to 2.53 per cent during the last quarter of the previous fiscal year. This was a significant decrease from the 5.07 per cent stake it held during the September quarter of FY23. Tiger Global had also divested its stake in Delhivery through open market transactions earlier this year.
Delhivery, the logistics company that went public in May last year, has witnessed lackluster performance in the stock market, with a decline of approximately 28 per cent. Yesterday, Delhivery’s shares on the National Stock Exchange (NSE) concluded the trading session slightly lower at Rs 388 each, falling 0.26 per cent. However, the stock gained nearly 17 per cent year-to-date thus far.
Most brokerages have turned positive on the company as reflected in the consensus brokerage rating of 4.2, Bloomberg data shows. The rating is on a 1-5 scale with 1 meaning strong sell and 5 strong buy. According to Bloomberg, the consensus price target for the stock is also Rs 416.32.
HDFC Flexi Cap Fund, Mirae Asset Emerging Bluechip Fund, SBI Equity Hybrid Fund, Canada Pension Plan Investment, SVF Doorbell (Cayman), Amansa Holdings and City Of New York Group Trust are among the other institutional investors that hold a stake in Delhivery.
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