Tuesday, Nov 18 — Shares of BlackBuck, formerly known as Zinka Logistics, saw a major block trade in today’s session, with 36 lakh shares, or around 2% of the company’s equity, changing hands. The transaction was executed at Rs 676 per share, taking the total deal value to Rs 243.5 crore.
Earlier, sources told CNBC-TV18 that shareholders Rajesh Kumar Naidu Yabaji, Chanakya Hridaya and Ramasubramanian Balasubramaniam were likely to sell up to 2% of BlackBuck’s outstanding equity through block deals on Tuesday. The floor price was fixed at Rs 670 per share, representing 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 the expected shares on offer, the deal was initially estimated at nearly Rs 240 crore.
In June this year, Quickroutes International sold a 9% stake in Zinka Logistics Solutions through a separate block trade.
BlackBuck, incorporated on April 20, 2015, is described as India’s largest digital platform for truck operators by number of users, with 963,345 truck operators transacting on its platform in FY24 — accounting for 27.52% of India’s total truck operators.
The company’s platform allows truck operators to digitally manage payments for tolling and fuel, track fleets using telematics, find loads on the marketplace and access financing for used vehicle purchases. Operators use the BlackBuck mobile application for these services.
