New Delhi, November 16: Japanese investment giant SoftBank is going to sell its stake worth $150 million in logistics firm Delhivery, media reported on Thursday. According to Moneycontrol, citing sources, SoftBank is likely to sell the shares which equates to a around 4 per cent stake in Delhivery, via a block deal. SoftBank and Delhivery did not immediately comment on the report. SoftBank, via its subsidiary Svf Doorbell (Cayman), has a 14.6 per cent stake in the logistics firm. SoftBank Sues Social App IRL for Fraud, Seeks USD 150 Million in Damages

"Softbank is looking to sell around 4 percent stake in Delhivery via the block deal route. The deal size is around $150 million," the report said, citing sources. Logistics services provider Delhivery's net loss in the September quarter (Q3) of the current financial year was more than halved to Rs 103 crore, while revenue increased by 8 per cent to Rs 1,942 crore, despite higher inflation and fund crunch. The company reported a loss of Rs 254 crore and revenue of Rs 1,796 crore in the same quarter of the previous year. SoftBank Reports Unexpected USD 6.2 Billion Loss in Second Quarter After WeWork Bankruptcy

Last month, nearly 9.28 crore equity shares of online food delivery platform Zomato worth Rs 1,040 crore were offloaded on Friday in a bulk deal, likely by SoftBank. SoftBank, via its affiliate SVF Growth (Singapore) Pte, likely sold 1.09 per cent stake in Zomato in the bulk deal. Shares exchanged hands at an average price of Rs 111.20. SoftBank held a 2.17 per cent stake in Zomato (by September 2023 quarter).

(The above story first appeared on LatestLY on Nov 16, 2023 11:21 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).