Carlyle to Sell Entire 2.53% Stake in Delhivery, Logistics Firm’s Shares Offered at Floor Price of Rs 385.50

Private equity firm Carlyle will sell its full 2.53 percent stake in Gurugram-based Delhivery logistics company via its SPV CA Swift Investments, according to a Reuters report.

Carlyle plans to sell 18.4 million shares of Delhivery at a minimum price of Rs 385.50 apiece as compared to the last closing of 388.60. In the lower range, the total bid value is around ₹710 crore ($86 million).

The global alternative asset manager acquired minority stake in Delhivery in March 2017. In November, CA Swift Investments offloaded 2.5 per cent stake in the logistics company for Rs 607 crore.

As of March 31, Carlyle owned 2.53 percent of the company’s shares, down from the 5.07 percent stake owned in the September quarter of last year.

Earlier this year, prominent venture capital fund Tiger Global offloaded a stake in Delhivery through open market transactions. Through Internet Fund III Pte, Tiger Global disposed of a 0.75 percent stake in Delhivery in March and another 1.6 percent in April through open market transactions.

Delhivery launched its Initial Public Offering (IPO) in May last year. The stock underperformed on the stock exchanges, dropping about 28 percent.

In the last quarter of 2022-23 (FY23), Delhivery reported a rise in its consolidated net loss to Rs.159 crore. A year ago, the company reported a net loss of Rs 120 crore.

In the March quarter, the company’s total consolidated operating income fell by 9 per cent to Rs. 1,934 crore as compared to Rs. 2,127 crore a year earlier.

In a regulatory filing, the company said, “Adjusted EBITDA margin improved to 0.3 percent in Q4 FY23, versus -3.7 percent in Q3 FY23, additional gross margin in core express parcel and PTL business continued to top 50 percent.”

First published: June 22, 2023 | 9:55 a.m ist