Canadian pension fund looks to trim stake in Delhivery via $110 million block deal: Report
According to exchange data, CPPIB currently holds 5.96% stake in the firm, which is also backed by the likes of Nexus Ventures, Steadview Capital, Softbank, and Fedex.
Canada Pension Plan Investment Board (CPPIB) is planning to sell part stake in logistics services provider for an estimated value of $110 million, according to media reports.CPPIB plans to monetise a part of its stake through the block deal route in the Gurgaon-based logistics and supply chain company, a Moneycontrol.com report said quoting one of the persons. Kotak Mahindra Capital is the advisor on the proposed trade by CPPIB, the report said citing another person.
According to exchange data, CPPIB currently holds 5.96% stake in the firm, which is also backed by the likes of Nexus Ventures, Steadview Capital, Softbank, and Fedex.
Japanese Softbank had earlier diluted its shareholding in Delhivery through block deals executed in November and March 2023.
The report further cited the third person corroborating CPPIB's plans to pare its holding in the company.
Delhivery shares on Wednesday ended flat at Rs 448.65 on the BSE though the bias was slightly positive.
The stock, which was listed on the exchanges on May 24, 2022, has delivered returns of 23%. This is slightly lower than 26% returns given by Nifty during this period. In 2024, so far, the counter has rallied nearly 16%.
Source: Stocks-Markets-Economic Times
