SoftBank may sell 1.17% stake in Zomato via block deal: Report

SoftBank may sell 1.17% stake in Zomato via block deal: ReportAugust 29, 2023New Delhi, Aug 29 (IANS) Japanese company SoftBank Vision Fund (SVF Global) is looking to sell off 1.17 per cent stake in food delivery giant Zomato, according to a media report on Tuesday.The stake will be offloaded via a block deal — 10 crore shares at a price of Rs 94 apiece, totalling Rs 940 crore, CNBC TV-18 reported. Kotak Securities will be the broker to the deal, the report added. Last week, JM Financial Institutional Securities in a report said that Zomato’s stock is likely to be volatile in the near term on account of market speculation around possible exits by some pre-IPO shareholders (VC/PE/Chinese investors) of the company as well as erstwhile shareholders of Blinkit who had received it under a share swap deal. On Tuesday, US-based investment major Tiger Global, via its VC fund Internet Fund III Pte Ltd, exited Zomato by selling its entire shareholding for Rs 1,123.85 crore. Several pre-IPO and ex-Blinkit investors are sitting on substantial unrealised gains. An analysis of the cost of acquisition of shares owned by pre-IPO and ex-Blinkit shareholders of Zomato suggests they are currently sitting on substantial gains on their investments, a large chunk of which is, however, unrealised. –IANS rvt/vdhttps://ians.in/detail/softbank-may-sell-117-stake-in-zomato-via-block-deal-report–20230829210905/

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