Major Divestment in Logistics Unicorn Blackbuck
Quick Routes International offloads a 9% stake in Zinka Logistics Solutions, parent of Blackbuck, for Rs 672 crore. Additional transactions involve Peak XV Partners and Accel, while prominent investors acquire stakes. Shares of Zinka saw an increase in market value post-transactions with trading increments reported on BSE and NSE.
- Country:
- India
Quick Routes International on Tuesday made headlines by divesting a 9% stake in Zinka Logistics Solutions, the parent company of the logistics unicorn Blackbuck, garnering Rs 672 crore through open market transactions.
In addition, the affiliate of Peak XV Partners, Peak XV Partners Investments VI, disposed of 12.10 lakh shares for Rs 53 crore, and private equity firm Accel sold a 2.7% stake in Zinka for Rs 204 crore. Major investors, including Abu Dhabi Investment Authority and Massachusetts Institute of Technology, acquired substantial shares.
The trading activities resulted in a positive impact on Zinka Logistics Solutions' stock, which rose by 1.43% on the BSE and 0.96% on the NSE, post transactions indicating a robust confidence in the market for the logistics solutions sector.
(With inputs from agencies.)
ALSO READ
Supreme Court Ruling Accelerates Infrastructure Projects
Engineering India’s AI Revolution: Accel's Summit Ignites Future Innovations
Accelerated Geothermal Projects to Bolster National Security
India Accelerates Defence Innovations with Nationwide Trials
Karnataka Accelerates CSR-Funded School Initiative Amid Push for Child Nutrition
Google News