 "Quick Routes Int'l exits Zinka Logistics; sells 9% stake for ₹672 crore")
Quick Routes International on Tuesday exited Zinka Logistics Solutions by selling a 9 per cent stake in the company for Rs 672 crore through open market transactions.
Zinka Logistics Solutions is the parent entity of logistics unicorn Blackbuck.
According to the bulk deal data available on the NSE, Quick Routes International sold more than 1.59 crore shares in two tranches, representing a 9 per cent stake in Zinka Logistics.
The shares were offloaded in the price range of Rs 420.06-420.25 apiece, taking the combined transaction value to Rs 671.76 crore.
In a separate transaction on the NSE, Peak XV Partners' affiliate Peak XV Partners Investments VI disposed of 12.10 lakh shares in Zinka Logistics Solutions for Rs 53 crore.
The shares were sold at an average price of Rs 444.71 per piece, taking the deal size to Rs 53.84 crore.
Meanwhile, Abu Dhabi Investment Authority, Massachusetts Institute of Technology, ICICI Prudential Mutual Fund, SBI Mutual Fund and Nomura India acquired a total of 83.87 lakh shares or cumulatively a 4.73 per cent stake in Bengaluru-based Zinka Logistics.
Details of the other buyers of Zinka Logistics' shares could not be ascertained on the National Stock Exchange (NSE).
In a separate bulk deal on the BSE, private equity firm Accel through its affiliates -- Accel India IV (Mauritius) and Accel Growth Fund V -- divested a 2.7 per cent stake in Zinka Logistics Solutions for Rs 204 crore through open market transactions.
The shares were sold in the price range of Rs 420.04-420.29 per piece, taking the aggregate deal value to Rs 203.78 crore.
ICICI Prudential Life Insurance bought 9.52 lakh shares of Zinka Logistics for Rs 40 crore, as per the data on the BSE.
Details of the other buyers of Zinka Logistics Solutions' shares could not be identified on the exchange.
Shares of Zinka Logistics Solutions rose 1.43 per cent to close at Rs 443.75 apiece on the BSE, and it went up by 0.96 per cent to settle at Rs 441.85 per piece on the NSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app