zomato bulk deal: SoftBank to dump 1.1% stake in Zomato price Rs 1,024 crore through bulk deal: Report

Japanese tech large SoftBank, by way of its affiliate SVF Progress Singapore Pte, is prone to promote a 1.1% stake in meals supply firm Zomato by way of block offers on Friday.

Based on stories, the provide worth is about round Rs 109.4-111.6 per share and the transaction is valued at Rs 1,024 crore. SoftBank holds a 2.17% stake within the firm, on the finish of September quarter.

In August this yr, SoftBank had offloaded about 1.17% in Zomato below a block deal, which was valued at Rs 947 crore. Distinguished buyers 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 way of its affiliate, held a 3.35% stake.

Zomato issued recent 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 buyers, specifically, Softbank, Sequoia, and Tiger World.

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

On Friday, Zomato shares closed almost 2% decrease at Rs 111.40 on NSE.

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