Canada Pension Plan Investment Board (CPPIB), a pension fund manager, is nearing to buy an 8 percent stake in Indian third-party logistics service provider Delhivery through a secondary stake sale.

CPPIB is close to making a $150 million investment for the shares owned by private equity firm Multiples Alternate Asset Management in Delhivery.

The secondary stake sale will be executed after securing necessary approvals and is expected to value Delhivery at $1.5 billion.

In March, Delhivery collected over $400 million in a financing round led by Japan's SoftBank Vision Fund to back its expansion plans.