On Friday, a substantial block deal valued at $135 million (approximately Rs 1,125 crore) in shares of the food delivery platform Zomato took place, with SoftBank, the prominent Japanese investment entity, likely serving as the seller.
This transaction involved the exchange of about 1.06 percent stake in the company, equivalent to 9.35 crore shares, during the early trading session. Following this block deal, the Zomato stock was trading around Rs 121 on the stock exchange.
It's been suggested that SoftBank’s SVF Growth was the entity responsible for selling an additional 1.06 percent stake in Zomato. However, the buyer's identity in this transaction remains undisclosed.
This isn't the first time SoftBank has divested its stake in Zomato. In October, a 1.09 percent stake was sold in a bulk deal worth Rs 1,040.5 crore through its venture capital fund SVF Growth. Moreover, in August, SoftBank executed another sale of a portion of its stake in Zomato through bulk deals, amounting to Rs 947 crore.
The history of SoftBank's involvement with Zomato traces back to June of the previous year when it acquired Zomato's stake at approximately Rs 71 per share. For SoftBank, Zomato represents an investment that has yielded significant profits.
Another major player in this scenario, Tiger Global Management, completely offloaded its entire shareholding of 1.44 percent in Zomato back in August. This move resulted in Tiger Global pocketing a total of Rs 1,123.85 crore from the deal.
(With Agency Inputs)