Latest news with #BlackBuck
Entrepreneur
5 days ago
- Business
- Entrepreneur
Flipkart, Accel, Peak XV Exit Stakes in BlackBuck in Post-IPO Bulk Deals
Ecommerce major Flipkart, through its subsidiary Quick Routes International, exited its entire 9.01% stake in BlackBuck, fetching INR 672 crore via two bulk deals. Flipkart had already sold 3.9 million shares during BlackBuck's public listing late last year. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Early investors in logistics platform BlackBuck, operated by Zinka Logistics, have offloaded significant stakes in a series of block and bulk deals just months after the company's IPO in November 2024. Ecommerce major Flipkart, through its subsidiary Quick Routes International, exited its entire 9.01% stake in BlackBuck, fetching INR 672 crore via two bulk deals. Flipkart had already sold 3.9 million shares during BlackBuck's public listing late last year. Accel, another early investor, also exited partially by selling its 2.7% stake through its affiliates — Accel India IV (Mauritius) and Accel Growth Fund V — for approximately INR 204 crore. The shares were sold in the range of INR 420.04–420.29 apiece on the NSE. Meanwhile, Peak XV Partners' affiliate offloaded 12.1 lakh shares for INR 53.84 crore, translating to INR 444.71 per share. Institutional investors stepped in to absorb the supply. The Abu Dhabi Investment Authority, Massachusetts Institute of Technology, ICICI Prudential Mutual Fund, SBI Mutual Fund, and Nomura India collectively picked up 83.87 lakh shares, amounting to a 4.73% stake in Zinka Logistics. Notably, ICICI Prudential Life Insurance acquired 9.52 lakh shares for INR 40 crore. Shares of Zinka Logistics opened at INR 445 on Wednesday on the NSE. BlackBuck, based in Bengaluru, operates a trucking marketplace enabling truckers to secure loads efficiently while providing shippers access to reliable freight services. Separately, Flipkart also exited its 6% stake in Aditya Birla Fashion and Retail Ltd (ABFRL) via block deals worth INR 583 crore. This transaction caused ABFRL shares to tumble nearly 11% to INR 76.94 on the NSE. Goldman Sachs served as the sole bookrunner for the ABFRL deal, where up to 7.31 crore shares were sold at a floor price of INR 79.50 — a 7.6% discount to the previous close.
Time of India
03-06-2025
- Business
- Time of India
Zinka Logistics shares in focus as Quickroutes plans Rs 647 crore stake sale
Zinka Logistics Solutions shares will be in focus on Tuesday as Quickroutes International is expected to divest a 9% stake in the company through a block deal, aiming to raise approximately Rs 647 crore, CNBC-TV18 reported, citing sources. The floor price for the deal has been set at Rs 405 per share, the sources added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like USDJPY đang đi lên không? IC Markets Đăng ký Undo Zinka Logistics, incorporated on April 20, 2015, operates what is considered the country's largest digital platform for truck operators by user count. In FY24, over 9.6 lakh truck operators—representing 27.52% of India's total—used the platform. The platform enables truck operators to manage toll and fuel payments, monitor fleets using telematics, find freight via a digital marketplace, and access financing for used vehicles. Most users access these services through the BlackBuck mobile app. Also Read: Technical picks: HDFC Life, Pidilite Industries among 5 stocks that can rally up to 20% in short term Live Events Financials For the quarter ended March 31, 2025, Zinka Logistics reported a consolidated total income of Rs 136.76 crore, up 11.03% from Rs 123.18 crore in the previous quarter and 47.54% higher than Rs 92.69 crore in the year-ago period. Net profit after tax stood at Rs 280.17 crore. Also Read: India's top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list Shareholding Pattern As of March 31, 2025, promoters held a 27.7% stake in the company. Foreign institutional investors (FIIs) owned 11.59%, while domestic institutional investors (DIIs) held 10.26%. Zinka Logistics share price target According to Trendlyne, the average target price for Zinka Logistics is Rs 571, indicating a potential upside of nearly 31% from current levels. Of the six analysts tracking the stock, the consensus rating is 'Buy'. Zinka Logistics shares are down 4% year-to-date but have gained 35% over the past six months. The company's current market capitalisation stands at Rs 7,814 crore. ( Disclaimer : Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
27-04-2025
- Time of India
Bokaro police seizes illegal liquor
Bokaro: Acting swiftly on a tip-off, Bokaro police intercepted a truck carrying 1,400 cartons of beer, allegedly being smuggled towards West Bengal. The 12-wheeler truck had loaded beer from the Bokaro Industrial Area based beer factory under Balidih Police Station and was supposed to head towards Deoghar. However, the driver diverted the truck towards Bengal with the intention of selling the consignment illegally, said Manoj Swargiyari, SP, Bokaro. He also said that, as soon as police receive the information, they formed a special team and a high alert was issued across all police stations near the Bengal border. During intensive checking, the truck was stopped at a checkpoint under Pindrajora police station limits. Three individuals, including the driver, were detained. On interrogation, it was revealed that the accused were using fake documents and names to illegally transport and sell the beer consignment. Preliminary investigations indicated that this gang also had previously smuggled goods from factories at Badbil and other places using forged paperwork. It was complainant transporter Vivek Kumar Sahu who alerted the police. He reported that a person named Basant Paswan, using the BlackBuck transport, had coordinated the consignment. Suspicion arose when the payment details reflected the name of a different person, MD Furkan. His timely report led to the swift action by police. "Police seized the truck, 1400 cartons of "Godfather" beer (650 ml bottles), and two smartphones. An FIR has been registered at Balidih police station under multiple sections of the Bharatiya Nyaya Sanhita (BNS). Further investigation is underway to identify and arrest other members of the gang involved in the racket," said SP.
