BlackBuck’s three cofounders together sold shares worth INR 243.5 Cr in the listed logistics major via multiple block deals yesterday.
As per Trendlyne, the trio together offloaded 36 Lakh shares at INR 676.6 apiece to rake in the amount. While cofounder and CEO Rajesh Yabaji sold 20 Lakh shares for INR 135.3 Cr, COO Chanakya Hridaya and executive director Ramasubramanian Balasubramaniam sold eight Lakh shares each for INR 54.11 Cr.
With this, Yabaji’s shareholding in the company has declined to 10.7% from 11.81% earlier, while Hridaya’s stake has reduced to 7.45% from 7.89%. Balasubramaniam’s shareholding, too, has declined to 6.98% from 7.42% earlier.
The shares that flooded the market were lapped up by Discovery Global Opportunity Mauritius Ltd., TIMF Holdings, Motilal Oswal Financial Services, 360 ONE Asset Management, Citigroup, Goldman Sachs and others.
Notably, this is the fourth time that investors have offloaded stakes in the logistics giant in the past four months. In September, Goldman Sachs sold 49.1 Lakh shares worth INR 294.7 Cr in the company.
Prior to this in August, investment firm Sands Capital offloaded shares worth INR 135.6 Cr via two block deals, while Wellington Management also dumped shares worth INR 53.7 Cr in the logistics major.
This comes as cofounders look to book profits at a time when the company’s stock price has been witnessing upward movement. Shares of BlackBuck have surged more than 19% in the past three months, and are up nearly 43% on a year-to-date (YTD) basis.
BlackBuck shares have been on a bull run mainly due to its strong financial performance. In Q2 FY26, the listed major reported a consolidated profit of INR 29.2 Cr as against a loss of INR 308.4 Cr in the year-ago quarter. Meanwhile, operating revenue stood at INR 151.1 Cr in the quarter under review, up 53% YoY and 5% QoQ.
Founded in 2015 by Yabaji, Hridaya and Balasubramaniam, BlackBuck operates an online B2B marketplace for inter-city full truck load (FTL) transportation. It connects truck operators with small and big businesses for shipping requirements in real time. It also offers telematics solutions and vehicle financing.
Shares of the company closed yesterday’s trading session 0.61% higher at INR 687.95 on the BSE.
The post Founders Offload BlackBuck Shares Worth INR 243 Cr appeared first on Inc42 Media.
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