SoftBank expected to sell Zomato shares for Rs 940 crore
SoftBank Vision Fund is expected to offload around 10 crore shares in food and grocery delivery company Zomato on Wednesday, representing around 1.17% stake, according to sources. The block deal is expected to be worth approximately Rs 940 crore, indicating that SoftBank will sell the shares at Rs 94 apiece.
As of June 30, SoftBank Vision Fund held over 28.71 crore shares in Zomato, representing 3.35% stake.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital Marketing and AnalyticsVisitIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Applied Business AnalyticsVisitSoftBank’s sale of Zomato shares follows the complete exit of the New York-based Tiger Global from the company. Tiger sold 1.44% stake, or 12.35 crore shares of the Zomato on Monday for Rs 1,124 crore.
Shares of the Deepinder Goyal-led company, which rallied 73% in the last six months, ended 2.5% higher at Rs 94.65 on the BSE.
Last August, Zomato had issued fresh equity shares to all the selling shareholders of quick commerce platform Blinkit as consideration for its acquisition by Zomato. Following the transaction, Zomato had negotiated a 12-month lock-in for these shares, compared to the statutory lock-in requirement of six months.
A majority of these shares are owned by three venture capital investors – SoftBank Vision Fund, Tiger Global and Sequoia Capital India (now Peak XV Partners).
Zomato had issued 62.9 crore shares at the time of Blinkit’s acquisition amounting to a stake of 6.88% on a fully-diluted basis.
Earlier this month, Zomato announced its first quarterly net profit of Rs 2 crore for the
