Japanese investment giant SoftBank is reportedly planning to sell shares of online food delivery platform Zomato worth $135 million (approximately Rs 1,125.5 crore) in a block deal. The shares are expected to be sold at a price of Rs 120.50 per share, according to sources cited by CNBC TV-18. The buyers in this transaction are not yet clear.
This potential sale comes after SoftBank sold a 1.09% stake in Zomato in October through a bulk deal worth Rs 1,040.5 crore via its venture capital fund SVF Growth. In August, SoftBank also sold a partial stake in Zomato through bulk deals, generating Rs 947 crore.
SoftBank initially acquired Zomato's stake in June the previous year at around Rs 71 per share, and the company has since made significant profits from its investment.
In addition to SoftBank, another foreign institutional investor, Tiger Global Management, divested its entire shareholding of 1.44% in Zomato in August, earning a total of Rs 1,123.85 crore.
Meanwhile, Alipay, the digital payments platform owned by Ant Group, is reportedly planning to sell a 3.44% stake in Zomato through a block deal, aiming to raise up to $395 million. This stake represents up to 296.1 million shares, according to a term sheet seen by The Wall Street Journal.
(With Agency Inputs)