SoftBank to sell 1.1% stake in Zomato for Rs 1,024 crore
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Japanese investment giant SoftBank's venture capital fund SVF Growth is reportedly set to sell 1.1 per cent stake in food delivery platform Zomato for around Rs 1,024 crore.
The sale via a bulk deal is likely to see the offer price at Rs 109.4-Rs 111.65 per share, reports CNBC TV18, citing sources.
Zomato or SoftBank did not officially comment on the upcoming bulk deal.
Zomato's shares on BSE closed 1.6 per cent lower at Rs 111.40 per share on Thursday.
In August, SoftBank had sold a partial stake in Zomato through bulk deals at Rs 947 crore.
The Japanese investment giant, which had sold nearly 10 crore shares in Zomato, amounting to an 1.17 per cent of the company’s equity, is planning to fully exit the online food delivery platform.
SoftBank bought Zomato 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.
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