Flipkart exits Blackbuck, Aditya Birla Fashion in block deals worth over Rs 1,250 crore
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Walmart-backed Flipkart has exited its investments in logistics tech firm Blackbuck and Aditya Birla Fashion and Retail (ABFRL) through separate block deals this week, cashing out stakes worth a combined Rs 1,250 crore.The transactions come amid a broader rebound in public markets, following a steep decline at the start of the year. The recent recovery has triggered a spate of secondary deals involving promoters, private equity (PE) firms and strategic investors trimming positions.Flipkart subsidiary Quickroutes International sold its entire 9% stake in Zinka Logistics, the parent of Blackbuck, for Rs 672 crore. The stake sale was executed through a block deal on Wednesday, marking Flipkart's exit from a decade-old investment in the Bengaluru-based company.Bulk deal data on the NSE showed Quickroutes offloaded more than 1.59 crore shares in two tranches, priced between Rs 420.06 and Rs 420.25 apiece.Other existing investors also pared their stakes. Peak XV Partners Investments VI sold 12.1 lakh shares for Rs 53 crore, while Accel India IV (Mauritius) and Accel Growth Fund V divested a combined 2.7% stake for Rs 204 crore.On the buy side, institutional investors, including 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, representing a 4.73% stake in the company.Flipkart invested in BlackBuck in 2015, and had a 13.2% stake before the logistics firm listed in November 2024. The company was among early backers, including Accel and Tiger Global, who made four- to five-fold gains on their investments from the IPO. Flipkart had sold shares worth Rs 151 crore in the offer-for-sale (OFS) and still had a stake worth Rs 416 crore.In a separate transaction, Flipkart Investments sold its entire 6% stake in ABFRL for Rs 582 crore. The deal involved 73.17 million shares and was executed at a floor price of Rs 79.50 per share, representing a 7.6% discount to the previous close. According to sources, Goldman Sachs acted as the bookrunner for the transaction, which was completed on Wednesday morning.Shares of ABFRL had fallen sharply on Tuesday, closing at a low of Rs 76.10 on the BSE, down 11.49%. ABFRL houses a portfolio of brands including Louis Philippe, Van Heusen, Allen Solly, Peter England and Reebok. It also operates casualwear lines such as American Eagle and Forever 21. ET had reported in October 2020 about Flipkart acquiring a 7.8% stake in ABFRL for Rs 1,500 crore. This was when the etailer was strengthening its offline strategy in the fashion space and bulking up Myntra.
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