Earlier in the day, sources had told CNBC-TV18 that Shadowfax Technologies had raised its block deal size to 14.2% from the 9.08% stake that Eight Roads, Flipkart and IMM India Fund had proposed to sell a day prior.
At the end of the June quarter, the promoter and promoter group held 16.51% stake in the company, while public shareholders held 83.82%. Of these, Flipkart Internet held 7.14% stake, Eight Roads Investments Mauritius II held 9.31% stake.
Sources had told CNBC-TV18 on Thursday that Eight Roads, Flipkart and IMM India Fund had proposed to sell their stake in the company through these block deals.
Floor price of the transaction had been set at ₹197 per share, a discount of up to 9.87% to the last closing price. The sellers’ residual holding is subject to a 90-day lock in after the transaction.
In May, the company’s co-founder and CEO Abhishek Bansal had told CNBC-TV18 that the company is estimated to grow between 27% – 30% over the next few years after it reported a 69% revenue growth last year. It also expects to continue growing faster than the overall logistics market.
Shares of Shadowfax Tech fell 6.6% to hit an intraday low of ₹204.25 apiece on Friday. The stock was down 4% at 209.77 apiece. It has declined 9.7% in the past month, so far.
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