Zomato block deal: SoftBank reportedly sells 1.09% stake price Rs 1,000 crore

NEW DELHI: SoftBank, by its affiliate SVF Development Singapore Pte, is more likely to have bought 1.09% fairness in Zomato in a bulk deal price Rs 1,040.5 crore on Friday. Shares of the new-age firm had been buying and selling 1% larger at Rs 112.70 on BSE.

SoftBank owned a 2.17% stake within the firm on the finish of the September quarter.

In August this yr, SoftBank had offloaded about 1.17% stake in Zomato through a block deal, which was valued at Rs 947 crore. Distinguished traders together with Morgan Stanley, Nomura, Kotak Mahindra MF, Invesco MF, Goldman Sachs, Franklin Templeton MF, Avendus, Societe Generale, amongst others picked up stakes.

SoftBank has been paring its stake in Zomato because the lock-in for the post-Blinkit deal led to August. As of June finish, the Japanese investor, by its affiliate, held a 3.35% stake.

Zomato issued contemporary fairness shares to all of the promoting shareholders of Blinkit as consideration for the M&A final yr. Following the transaction, Zomato negotiated a 12-month lock-in for these shares, in comparison with the statutory lock-in requirement of six months.

A majority of those shares are owned by simply three enterprise capital traders, specifically, Softbank, Sequoia, and Tiger World.

Other than Zomato, SoftBank, which was among the many early traders in India’s tech startups, has been decreasing stakes in different corporations too.Earlier this month, it offloaded a partial stake in PB Fintech by a Rs 869 crore-block deal. Previous to that in July, it had offloaded a couple of 2% stake in Paytm. In Might, SoftBank bought a 2.07% stake within the fintech main by a collection of open market transactions.

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