Delhivery soars 7% after block deal, Carlyle likely seller

Shares of Delhivery surged more than 7 percent in the early trade on June 22 to Rs 416.25, the highest in six months after around 1.8 crore shares, or a 2.5 percent stake, in the startup changing hands on the exchanges in a block deal.

Moneycontrol could not immediately ascertain the identity of the sellers or the buyers but CNBC-Awaaz had reported a day earlier that global private equity firm Carlyle was looking to sell its 2.53 percent stake in the logistics startup at a base price of Rs 385.5 apiece for a total of $86 billion.

Investment management firm Citigroup was the sole broker for the deal, the CNBC-Awaaz report said.

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The stake sale marks Carlyle’s exit from the logistics company as it held a 2.53 percent stake in Delhivery through its special-purpose vehicle-CA Swift Investments, the company’s shareholding data on BSE as on March 31 showed.

At 9.23 am, Delhivery was trading at Rs 400.75 on the National Exchange, up 3.1 percent from the previous close.

Brokerages bullish

Most brokerages have turned positive on the company as reflected in the consensus brokerage rating of 4.2, Bloomberg data shows. The rating is on a 1-5 scale with 1 meaning strong sell and 5 strong buy. According to Bloomberg, the consensus price target for the stock is also Rs 416.32.

The positive outlook may be a reason that the stake sale seems to have been bought into, preventing a fall in the counter.

The Carlyle Group was one of Delhivery’s pre-IPO investors and sold a 2.5 percent stake in the Gurugram-based logistics service provider in a deal worth Rs 607 crore ($74 million) in November 2022.

The lock-in period for pre-IPO investors of the logistics unicorn ended on November 21, 2022 following which the Carlyle Group pared its stake.

HDFC Flexi Cap Fund, Mirae Asset Emerging Bluechip Fund, SBI Equity Hybrid Fund, Canada Pension Plan Investment, SVF Doorbell (Cayman), Amansa Holdings and City Of New York Group Trust are among the other institutional investors that hold a stake in Delhivery.

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