By Admin 
Delhivery accuire ecom express: Logistics Service Provider Company Delhiwari is going to buy Ecom Express Limited for about Rs 1,400 crore, increasing the scope of its business. The company gave this information in stock exchange filing on 5 April. Exclusion of share purchase agreement has been approved by the company’s board and the definition has also been signed.
Company approval to buy such a stake
The company informed that the board has approved the purchase of about 99.4 percent stake of Ecom Express. With this, the Ecom Express will now become a subsidiary company of Delhiri. This acquisition is going to happen at a time when the Ecom Express is facing many problems.
In August 2024, the Ecom Express had filed a draft for the IPO near the market regulator SEBI with a target of raising around Rs 2,600 crore. During this time, in Delhi, about the DRHP filed by the Ecom Express, it was alleged that the figures of both companies have been given incorrectly on profitability, shipment volume and capacity.
Due to all this, the IPO of Ecom Express was later postponed. In addition, the company trimmed more than 500 employees for cost cutting. Many delivery centers and hubs of the company were closed.
Stock market condition
The impact of this news can be seen on the shares of delhigri during the business session on Monday i.e. on Monday. On the last trading day of the week on Friday, the shutdown of delhi shares was Rs 258, with a decline of 1.86 percent. The company’s stock has given 1 percent return in the last one week. Whereas in 1 month, positive returns of up to 4 percent have been given. However, in the last 3 months, the company’s share price also recorded a major decline of up to 24 percent.
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