Tuesday, June 25, 2024

SoftBank may sell Zomato shares worth Rs 1,125 cr: Report

Japanese investment giant SoftBank is likely to sell shares of online food delivery platform Zomato worth $135 million (about Rs 1,125.5 crore) via a block deal, media reports said on Thursday.

The shares will be sold at a price of Rs 120.50 per share, reports CNBC TV-18, citing sources.

However, it is not clear who will be the buyers in this transaction.

In October, SoftBank had sold a 1.09 per cent stake in Zomato in a bulk deal worth Rs 1,040.5 crore via its venture capital fund SVF Growth.

In August, SoftBank had sold a partial stake in Zomato through bulk deals at Rs 947 crore.

SoftBank bought Zomato’s stake in June last year for around Rs 71 per share. For the company, Zomato is just an investment on which the company has made significant profits.

Another foreign institutional investor, Tiger Global Management, offloaded its entire shareholding of 1.44 per cent in Zomato in August. The deal earned Tiger Global a total of Rs 1,123.85 crore.

Meanwhile, digital payments platform company Alipay, owned by Ant Group, is reportedly selling a 3.44 per cent stake in online food delivery platform Zomato and is expected to raise up to $395 million via a block deal.

The shares translate to up to 296.1 million shares, according to a term sheet seen by The Wall Street Journal.



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