Delhivery block deal: Internet Fund III offloads Rs 414 crore worth of shares

The venture capital fund managed by Tiger Global Management has sold more than 1.23 crore equity shares of Delhivery.

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Internet Fund III Pte Ltd sold more than 400 crore worth of shares in logistics company Delhivery via open market transactions on February 22.

As a result, Delhivery shares were down nearly 4 percent to Rs 336 on the NSE.

Internet Fund III Pte Ltd, the venture capital fund managed by US-based investment management company Tiger Global Management, has sold more than 1.23 crore equity shares (representing 1.69 percent of total paid-up capital) in the logistics company, as per bulk deals data available on the NSE.

These shares were offloaded at an average price of Rs 335.06 apiece and amounted to Rs 414.2 crore.

Moneycontrol in the morning already mentioned the block deal, saying a block of 1.7 percent of the company’s equity changed hands at an average price of Rs 338, compared to the previous closing price of Rs 348.90.

Delhivery is 100 percent owned by public shareholders. Foreign portfolio investor Internet Fund III Pte Ltd had a 4.68 percent stake in the company by the end of December 2022.

The stock has seen downward pressure since October 2022 and has not witnessed any significant recovery since then, especially after it anticipated moderate growth in shipment volumes through the rest of the financial year (FY23). From the high of October 2022, the stock corrected 45 percent so far, including a 31 percent fall only in two days after its subdued business outlook published on October 19.

In the quarter ended December FY23, the company posted a consolidated loss of Rs 195.65 crore, widening from the loss of Rs 126.5 crore in the same period last year. Consolidated revenue during the same period dropped 8.6 percent YoY to Rs 1,824 crore.