SoftBank offloads shares worth Rs 954 crore in Delhivery

SoftBank sold shares worth Rs 954 crore in Delhivery in a bulk deal at Rs 340 apiece, according to data on the BSE.

SoftBank invested around $380 million (Rs 3,100 crore) in Delhivery, offloaded shares worth $75 million (Rs 618 crore) in its IPO, and had a holding of more than 18 percent stake at the end of December.

The sale of 2.8 crore Delhivery shares by SoftBank follows another bulk deal in February when Tiger Global sold 1.2 crore shares in the company at Rs 335 apiece.

With these sales, SoftBank has pared down its stake in Delhivery to around 14 percent and Tiger Global to 2.98 percent.

The company's losses have kept mounting. It reported a net loss of Rs 195.7 crore against a net loss of Rs 127 crore in the year-ago quarter. Its revenue from operations fell to Rs 1,823.8 crore for the October-December period from Rs 2,019 crore in the year-ago quarter.

Delhivery's trailing twelve-month operating loss stands at Rs 340 crore and it commands a market capitalisation of Rs 25,000 crore. In comparison, Blue Dart's trailing 12-month operating profit is Rs 1,030 crore while market cap is Rs 14,700 crore.