On hearing that American private equity firm Carlyle was selling a 2.53% interest in the e-commerce logistics company, Delhivery shares increased by over 7% in Thursday's opening trade on the NSE.
According to ET, the deal might bring the PE company as much as Rs 709.5 crore, or $86 million. With this block transaction, Carlyle will sell all of its shares in Delhivery.
After the block offer, buying activity in the stock increased and by 9:30 am, over 34.56 lakh shares had been traded on the NSE.
The block deal's broker is Citigroup. Carlyle made its initial investment in Delhivery in 2017 as part of a $100 million funding round and later increased it as part of a $395 million round sponsored by SoftBank in 2019. In May 2022, Delhivery went public, pricing its shares at Rs 487 each and raising Rs 5,235 crore through a combination of main and secondary stock offerings.
Carlyle sold 9.3 million shares at the IPO for a total of Rs 454 crore. Before the IPO, Carlyle owned 7.16% of the company. Carlyle sold a 2.5% share for a total of Rs 607 crore in November 2022.
The stock has fallen 44% from its 52-week high price of Rs 702 at this time. According to Trendlyne statistics, it is currently trading at a Price to Book ratio of 3.1, which is lower than the industry average. It has traded with a 1-month beta of 1.44 and has been relatively erratic.
The stock declined more than 1% throughout two straight sessions until today's gains. The stock has reached an overbought zone as a result of the rally's heavy buying activity, with the momentum indicator MFI increasing to 82. Overbought is defined as a number exceeding 70.
