Zomato Sees ₹1,125 Cr Worth Shares In Block Deal, SoftBank Likely Seller

Zomato Sees ₹1,125 Cr Worth Shares In Block Deal, SoftBank Likely Seller

Zomato stock was trading around Rs 121 on the stock exchange after the block deal.

IANSUpdated: Friday, December 08, 2023, 01:56 PM IST
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Zomato Sees ₹1,125 Cr Worth Shares In Block Deal, SoftBank Likely Seller | Image credit: Wikipedia (Representative)

Shares worth $135 million (nearly Rs 1,125 crore) in food delivery platform Zomato exchanged hands via a block deal on Friday, with Japanese investment giant SoftBank being the likely seller.

Around 1.06 per cent stake of the company or 9.35 crore shares exchanged hands in the deal during the early session.

Zomato stock was trading around Rs 121 on the stock exchange after the block deal.

SoftBank's SVF Growth was the likely seller, which offloaded another 1.06 per cent stake in Zomato. However, it was not clear who was the buyer in the 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.

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