In early trade on March 1, Delhivery fell more than 1.5 percent after 2.8 crore shares, or 3.8 percent of the business, changed hands in a block sale. The buyers and sellers were not immediately revealed.
Softbank was previously believed to be intending to sell a share in the logistics firm worth Rs 600 crore at a discount to its market value. As of December 2022, the Japanese tech company owned 18.42 percent of Delhivery.
The stock was trading at Rs 340.90 a share on the National Stock Exchange at 9.30 a.m., down 1.5 percent from the previous close. whereas the stock
Softbank’s share sale comes after Tiger Global Management’s Internet Fund III Pte Ltd, a venture capital firm, sold a 1.7% stake on February 23.
With the current ownership reduction, Softbank will own 14.62 percent of the company, while Tiger Global will own 2.98 percent.