Masayoshi Son-led Japanese tech giant Softbank is planning to sell part stake in leading logistics service provider Delhivery and mop up around $150 mn, multiple industry sources in the know told Moneycontrol.
Moneycontrol was the first to report the story earlier on November 16.
"Softbank is looking to sell around 4 percent stake in Delhivery via the block deal route. The deal size is around $150 million," said one of the persons above.
Two other persons confirmed the block deal plans and added that Kotak Mahindra Capital was the advisor to the proposed transaction.
The three persons above spoke to Moneycontrol on the condition of anonymity.
Softbank, Delhivery and Kotak Mahindra Capital could not be reached immediately for a comment.
The Delhivery stock has risen by nearly 15 percent in the last six months. Softbank entity SVF Doorbell ( Cayman) Ltd currently holds 14.46 percent stake in Delhivery.
In October, Moneycontrol had reported that Softbank had sold part stake in Zomato for around Rs 1,000 crore. Softbank had also offloaded shares earlier worth Rs 940 crore in Zomato through a block deal in August. Later in October, it sold 2.54 percent stake in Policybazaar parent PB Fintech for Rs 876 crore.
Also Read: SoftBank plans to sell part stake in PB Fintech in fresh block deal of around $105 mn
The year 2023 has been an active one for block deals. According to data from Prime Database, PE and venture capital firms exited investments worth Rs 57,338 crore through block deals between January and August as compared to Rs 41,051 crore during the same period last year.
Also Read: Why is ChrysCapital excited about the block deal boom?
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