Delhivery Stake Up for Grabs as CPPIB Looks to Exit

10 Jul 2024 , 10:02 AM

On July 10, CNBC-TV18 reported citing sources that the Canada Pension Plan Investment Board (CPPIB) is expected to sell its whole 3.18% interest through block agreements in the logistics company Delhivery.

The article states that the block’s issuance size is probably going to be about ₹886 Crore, and that the shares will be priced between ₹378 and ₹389 apiece. When comparing this floor pricing to Delhivery’s closing price of ₹399.65 on July 9, a reduction of 0.7–3.5% is evident.

CPPIB’s ownership of the logistics company at the end of the March quarter of FY24 was 5.96%. Since then, meanwhile, CPPIB has already sold off 2.77% of its shares in Delhivery, having done so on April 25 for ₹900 Crore, or almost two Crore shares.

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