Softbank to sell 1.17% stake in Zomato through Rs. 940 crore Block Deal

SoftBank Vision Fund (SVF Global) is in the process of selling a 1.17 percent stake which it holds in food delivery giant Zomato for Rs 940 crore through a block deal.

SoftBank Vision Fund (SVF Global) is in the process of selling a 1.17 percent stake which it holds in food delivery giant Zomato for Rs 940 crore through a block deal.

A total of around 10 crore shares will be sold by SVF Growth Fund, at a price of Rs 94 for a single piece . Apart from that ,in the trading session on August 29, Zomato’s scrip settled at Rs 94.65 apiece on the BSE, which was 2.51 percent higher as against the previous day’s closing. Just a day earlier, Zomato’s stock had opened 5 percent higher on the exchanges, after 184 million shares, worth a 2.14 percent stake, were reported to have changed hands in a block deal. At this stage, the buyers and sellers details haven’tbeen made public. It is supposedly said that Softbank is likely to sell its shares as the lock-in period for investors after the Blinkit deal ended on August 25th.Zomato had in the previous year issued fresh equity shares to all the Blinkit’s selling shareholders as consideration for the M&A, at an implied value of ₹70.76 per share.

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According to the , the lock-in period of 12-months had ended on Friday itself and the shares received by Softbank during the Blinkit deal will be unlocked for trading today, August 28.Other venture capital investors, Tiger Global and Sequioa also hold majority of these shares in Zomato.