Delhivery's stock value increases as Canadian pension fund sells its shares

Delhivery Ltd. shares gave back some of their gains, dropping more than 3%, when the Canada Pension Plan Investment Board sold off its entire stake through block trades, totaling Rs 885.7 crore. The private equity investor, known as CPP Investments, proposed selling 2.34 crore shares equivalent to a 3.17% ownership in the logistics solutions provider.

The stocks were available within the price bracket of Rs 378-389 each, with a decrease of 0.85% from the previous closing price. The transaction is anticipated to be completed on Thursday. According to the term sheet, BofA Securities India Ltd. is the only deal manager.

Following the possible block deal, the investment management firm will depart by offloading its complete ownership in Delhivery. According to data from exchanges, CPP Investments held a 5.96% share in the company as of the quarter ending in March.

In April, CPP Investments sold a 2.8% share in the supply chain and logistics company for Rs 908 crore in an open-market deal. Capital Group purchased 1.59 crore shares (2.16%) for Rs 707.7 crore using two separate funds. Fidelity Investments had put in Rs 166.6 crore into Delhivery for 37.5 lakh shares, which amounts to 0.48%.