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Canada Pension Plan Investment Board (CPPIB) has sold as much as 2.34 crore shares or 3.17% stake in logistics company Delhivery in a block deal, according to data available on the exchanges.

A CNBC report earlier said CPPIB is likely to sell its entire stake in Delhivery through block deals.

Shares changed hands at an average price of Rs 388.45 per share. The total transaction value is said to be Rs 910.2 crore.

Fidelity Funds, HSBC, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, and ICICI Prudential Life Insurance were among the buyers in the Delhivery block deal.

Delhivery shares rose after the block deal and closed at Rs 387.75 on the BSE on Wednesday. However, it was down today by 2.62% at 11:49 am.

The company earlier reported a net loss down by 57% in Q4 FY24. It saw a net loss of Rs 68.5 crore in the quarter ended March 31, 2024—a significant improvement of 57% from Rs 159 crore earned in the corresponding period last year.

Further, the logistics company reported that it had turned EBITDA positive in FY24. EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) increased by Rs 578 crore to Rs 127 crore in FY24 from an EBITDA loss of Rs 452 crore in FY23, the company said.

Delhivery is also setting up a wholly-owned subsidiary, Delhivery Robotics India, to manufacture drones and provide freight air transportation services.

Last week the company got approval from the Ministry of Corporate Affairs (MCA) to incorporate its drone subsidiary which will foray into the freight air transportation services sector.