Tuesday, Nov 18 — Shares of BlackBuck Ltd traded higher at Rs 699, up 2.32%, after a major block deal saw 36 lakh shares, equivalent to nearly 2% equity, change hands earlier in the day. The transaction was executed at Rs 676 per share, taking the total deal value to Rs 243.5 crore.
Earlier reports indicated that shareholders Rajesh Kumar Naidu Yabaji, Chanakya Hridaya and Ramasubramanian Balasubramaniam were likely to sell up to 2% of the company’s outstanding equity via block deals on Tuesday. The floor price had been set at Rs 670 per share, a 1.9% discount to Monday’s closing price. Sellers will also face a 12-month lock-in before any further sale of shares.
Based on the floor price and expected share quantity, the transaction was initially estimated at around Rs 240 crore.
In June this year, Quickroutes International sold a 9% stake in Zinka Logistics Solutions (BlackBuck) through a similar block trade.
BlackBuck, incorporated on April 20, 2015, operates what is described as India’s largest digital platform for truck operators, with 963,345 operators transacting on its platform in FY24—representing 27.52% of the country’s truck operators. The platform enables operators to manage toll and fuel payments, monitor fleets via telematics, find loads on a marketplace and access financing for used vehicles, all through the BlackBuck mobile application.
