India's Shadowfax falls after report investors plan to sell stake via block deal
BUZZ-India's Shadowfax falls after report investors plan to sell stake via block deal ** Logistics services provider Shadowfax Technologies' SADO.NS shares fall 4.1% to 209.69 rupees
** A report from business news publication Mint says Eight Roads Investments, Flipkart and IMM India Fund propose to sell up to a 9.08% stake in Shadowfax via a block deal with a floor price of 197 rupees apiece
** The price represents a 9.9% discount to SADO's last close
** Shadowfax, Flipkart, Eight Roads and IMM India Fund did not immediately respond to a Reuters request for comment
** Eight Roads holds 9.49% stake in Shadowfax, while Flipkart holds a 7.29% stake, as of March 31, according to data compiled by LSEG
** Details of IMM India Fund's stake in SADO were not immediately available
** SADO trades at a forward 12-month PE of 46.29 vs industry median of 30.05
** Stock up about 90% since its January 28 IPO
(Reporting by Abhinav Parmar in Bengaluru)
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India's Shadowfax falls after report investors plan to sell stake via block deal