SVF Global plans to sell 1.17% stake in Zomato: Report
The sale, which will be brokered by Kotak Securities, will involve SVF Growth Fund offloading 10 crore shares in Zomato at Rs 94 each.
SoftBank Vision Fund (SVF Global) reportedly intends to sell 1.17% of its stake in the food delivery giant Zomato through a block deal.
The sale will involve SVF Growth Fund offloading 10 crore shares at Rs 94 each, according to a report by CNBC TV-18. The deal will be facilitated by Kotak Securities, as per the report.
Zomato's stock closed at Rs 94.65 per share on the BSE today, marking a 2.25% increase from the previous day's closing price.
The Masayoshi Son-led investment firm, which had earlier invested in 3.35% stake in Zomato as part of the foodtech's merger with the grocery delivery platform., received a
The Japanese investor receivedshares at an implied value of Rs 70.76 per share. As part of the agreement, SoftBank, Sequoia Capital, and Tiger Global were subject to a mandatory lock-in period.
The shares were unlocked for trading on August 25.
On Monday, Tiger Global Management fully exited from the food delivery company after selling all of its remaining shares for Rs 1,123.85 crore. The global investment firm's Internet Fund III PTE Ltd offloaded 12.34 crore shares at a price of Rs 91.01 each, as indicated by data on bulk deals available on the BSE.
Tiger Global's exit followed Chinese giant Alibaba's partial sale of its stake in Zomato last year.
Additionally, in August of the preceding year, Uber executed its exit from the Deepinder Goyal-led company by selling its 7.8% stake for Rs 3,087.93 crore. On the same day, investment firm Fidelity Investments and ICICI Prudential Life Insurance Company both acquired stakes in Zomato, as per data available on the BSE.
Edited by Kanishk Singh