New Delhi, March 2 (SocialNews.XYZ) Japanese investment giant Softbank has offloaded 3.8 per cent of its stake in fully-integrated logistics service provider Delhivery for Rs 954 crore.
The Japanese fund, going through a bad patch, had invested around $380 million (about Rs 3,100 crore) in Delhivery.
According to data available at the Bombay Stock Exchange (BSE), SoftBank sold shares worth Rs 954 crore in Delhivery in a bulk deal at Rs 340 apiece.
Saudi Arabian Monetary Authority, City of New York Group Trust, Societe Generale, BNP Paribas Arbitrage, Morgan Stanley Mauritius, Baillie Gifford Emerging Markets Equities Fund were among those who bought the shares.
Earlier Tiger Global had sold 1.2 crore shares in Delhivery at Rs 335 apiece.
SoftBank has now pared down its stake in Delhivery to around 14 per cent and Tiger Global to 2.98 per cent.
The Japanese investment giant last month reported a massive around $5.9 billion net loss in its third quarter that ended December 31.
SoftBank said it lost around $5.5 billion in its signature Vision Funds alone in the October-December period, "reflecting declines in the share prices of a wide range of portfolio companies".
The investment giant had lost $10 billion in the previous quarter (July-September 2022).
Meanwhile, Delhivery provides a full suite of logistics services such as express parcel transportation, PTL freight, TL freight, cross-border, supply chain, and technology services.
According to the company, it has fulfilled over 1.7 billion shipments since inception and works with over 28,000 customers, including large and small e-commerce participants, SMEs, and other brands.
Delhivery reported a net loss of Rs 195.7 crore against a net loss of Rs 127 crore in the year-ago quarter.
Source: IANS
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