DELHIVERY Amends Acquisition Agreement, Increases Ecom Stake to 99.87%

On July 17, 2025, Delhivery Limited signed an amending agreement to update the conditions of its share purchase agreement for the purchase of Ecom Express Limited. The revised deal structure lowers the purchase amount from the previously sanctioned limit of ₹1,407 crore to approximately ₹1,369 crore, as well as raising Delhivery’s acquisition interest to 99.87% of Ecom’s fully diluted issued and paid-up share capital.

Strategic Acquisition Refinement and Commercial Negotiations
The amendment agreement reflects commercial negotiations between the relevant parties that resulted in favorable terms for Delhivery while expanding the acquisition scope. The increase from the originally planned minimum 99.4% shareholding to 99.87% ownership provides Delhivery with enhanced control over Ecom Express operations and strategic decision-making capabilities.

The ₹38 crore reduction in purchase consideration demonstrates effective negotiation outcomes while securing a higher ownership percentage. This pricing adjustment, combined with the expanded shareholding, enhances the transaction’s value proposition and return on investment metrics for Delhivery’s strategic expansion in India’s logistics sector.

Regulatory Approvals and Transaction Progress
The acquisition has already secured crucial regulatory clearance, with the Competition Commission of India granting approval on June 17, 2025. This CCI approval eliminates a significant regulatory hurdle and positions the transaction for completion following satisfaction of remaining conditions precedent and closing requirements.

Company Secretary & Compliance Officer Madhulika Rawat (Membership No.: F8765) filed the regulatory disclosure under Regulation 30(7) of SEBI Listing Regulations, ensuring transparent communication with investors regarding material amendments to the previously announced transaction. All other terms and conditions from the first agreement from April 5, 2025, are still in effect, according to the declaration.

Market Consolidation and Scale Benefits
The Ecom Express acquisition represents a strategic consolidation move in India’s fragmented e-commerce logistics market, combining Delhivery’s established network with Ecom’s specialized capabilities. The near-complete ownership structure at 99.87% enables seamless integration of operations, technology platforms, and customer relationships without minority shareholder complexities.

The revised transaction structure supports Delhivery’s objective of strengthening its position in India’s rapidly growing e-commerce logistics sector while achieving operational synergies and market expansion opportunities. The successful completion will create one of India’s largest integrated logistics platforms serving diverse customer segments across the country.

Disclaimer: The information provided is for educational purposes only and does not constitute financial advice. We are not registered financial advisors. Please conduct your own research and consult a qualified advisor before making investment decisions. Any investment decisions you make based on this information are solely at your own risk.

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