In Short
- Carlyle may sell entire stake in Delhivery for $86 million
- Delhivery shares rise sharply on block deal news
- Citigroup to bookrun Carlyle’s exit from Delhivery
By India Today Business DeskPrivate equity (PE) firm Carlyle may sell its entire stake in Indian logistics firm Delhivery.
The stake sale could happen via Carlyle’s special purpose vehicle for $86 million and it will involve the PE firm’s full stake of 2.53 per cent in Delhivery, according to a term sheet seen by news agency Reuters.
Carlyle plans to sell Delhivery’s shares via CA Swift Investments at a floor price of Rs 385.50 apiece, compared with the stock’s last closing price of Rs 388.60.
Delhivery shares rose sharply by over 7 per cent after reports of the block deal emerged, but pared nearly all gains to trade lower.
Citigroup is the bookrunner for the transaction, according to Reuters.
Multiple exits by early investors in Indian companies have been observed this week.
US private equity firm TPG offloaded its entire stake in non-banking financial company Shriram Finance for $171 million, while British asset manager Abrdn plc sold its entire stake in HDFC Asset Management Company for $432 million.
Irwin Lind
Rodolfo Frami
Harvey Wiegand