BENGALURU (Reuters) – Private equity firm Carlyle plans to sell its entire 2.53% stake in Indian logistics firm Delhivery via its special purpose vehicle for at least $86 million, according to a term sheet seen by Reuters on Thursday.
Carlyle plans to sell Delhivery’s shares via CA Swift Investments at a floor price of 385.50 rupees apiece, compared with the stock’s last close at 388.60 rupees.
Delhivery shares rose as much as 7.1% on Thursday but pared nearly all the gains to trade little changed at 386.70 rupees.
Carlyle, an early backer of Delhivery, and Delhivery did not respond to Reuters’ requests for comment.
Citigroup is the bookrunner for the transaction.
This week has seen multiple exits by early investors in Indian companies.
U.S. 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 full stake in HDFC Asset Management Co for $432 million.
(Reporting by Sethuraman NR in Bengaluru; Editing by Sohini Goswami and Savio D’Souza)