Carlyle to sell its entire 2.53% stake in logistics firm Delhivery

Carlyle plans to sell Delhivery's 1.84 crore shares at a floor price of Rs 385.50 apiece

Private equity firm Carlyle will sell its entire 2.53 per cent stake in Gurugram-based logistics firm Delhivery via its special purpose vehicle CA Swift Investments, according to a report by news agency Reuters.

Carlyle plans to sell Delhivery's 18.4 million shares at a floor price of Rs 385.50 apiece compared with the last close at 388.60. At the lower range, the total offer size is worth around Rs 710 crore ($86 million).

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

 

As of March 31, Carlyle held a 2.53 per cent stake in the company, down from the 5.07 per cent stake owned as of the September quarter of last year.

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

Delhivery launched its initial public offering (IPO) in May last year. The stock has seen a muted performance at the bourses, falling about 28 per cent.

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 had reported a net loss of Rs 120 crore.

In the March quarter, the company's consolidated total income from operation fell 9 per cent to Rs 1,934 crore as compared to Rs 2,127 crore a year ago.

In a regulatory filing, the company had said, "Adjusted EBITDA margin improved to 0.3 per cent in Q4FY23, against -3.7 per cent in Q3FY23 and incremental gross margin in the core express parcel and PTL businesses continued to be above 50 per cent."