Softbank, led by Masayoshi Son, is reportedly planning to divest approximately 4 percent of its stake in Delhivery, a prominent logistics service provider, through a block deal. The anticipated deal size is approximately $150 million, according to industry insiders familiar with the matter who spoke on the condition of anonymity. Kotak Mahindra Capital is said to be advising on the transaction.
The Delhivery stock has demonstrated a notable uptrend, experiencing a nearly 15 percent increase over the past six months. As of now, Softbank’s entity, SVF Doorbell (Cayman) Ltd, holds a 14.46 percent stake in Delhivery.
Despite attempts to seek comments, Softbank, Delhivery, and Kotak Mahindra Capital were not immediately reachable.
This move follows Softbank’s recent financial maneuvers, including the sale of a portion of its stake in Zomato for around Rs 1,000 crore in October. The company had previously divested shares valued at Rs 940 crore in Zomato through a block deal in August. Additionally, in the same month, Softbank sold a 2.54 percent stake in Policybazaar’s parent company, PB Fintech, for Rs 876 crore.
The year 2023 has proven to be dynamic for block deals in the financial landscape. Data from Prime Database reveals that private equity and venture capital firms have exited investments totaling Rs 57,338 crore through block deals between January and August. This marks a substantial increase compared to Rs 41,051 crore during the same period the previous year.
