Flipkart, Eight Roads Investments and IMM India Fund plan to sell shares worth about Rs 1,048 crore in logistics company Shadowfax through a block deal on July 24, people familiar with the matter told NDTV Profit.
The transaction involves about 9.1% of Shadowfax's total equity. The floor price has been set at Rs 197 a share, representing a 10% discount to the prevailing market price, the people said.
Kotak Securities and Morgan Stanley are managing the transaction, according to the people.
The proposed sale comes days after Shadowfax's one-year shareholder lock-in expired. On July 22, nearly 49% of the company's shareholding became eligible for trading. Of that, about 36.8% is held by private equity and venture capital investors, making them the largest group of shareholders whose stakes became saleable.
Unlock Details
Company filings show Flipkart is among the largest shareholders whose lock-in has ended. The e-commerce company held a 7.3% stake and became eligible to sell about 3.4 crore shares.
Eight Roads Investments, which owns 9.5%, can sell about 4.7 crore shares following the expiry of the lock-in period. IMM India Fund is also among the investors whose shares became eligible for sale.
The lock-in expiry made about 6,300 crore shares tradeable from July 23. Another 22% of the company's equity, including promoter holdings, remains locked in until July 22, 2027.
Shadowfax listed at Rs 113, an 8.9% discount to its issue price of Rs 124. The stock has nearly doubled since listing and was trading around Rs 220 before the proposed block deal. It remains about 10% below its 52-week high.
Catch all the live updates on stock markets here.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
