Zomato share price jumps over 5% over block deal buzz; SoftBank likely to have sold 1.17% stake
Zomato share price jumped over 5% in early trade on Wednesday after a block deal in the food delivery giant. Zomato shares rallied as much as 5.12 to ₹99.50 apiece on the BSE. Around 10 crore Zomato shares, aggregating to 1.17% stake in the company, changed hands at an average floor price of ₹94.70 apiece in a block deal on the bourses.
The total deal value was around ₹947 crore. Mint earlier reported that SoftBank’s Svf Growth (Singapore) Pte. Ltd was set to divest a 1.17% stake in Zomato for around ₹940 crore ($114 million).
According to the term sheet reviewed by Mint, on 30 June, Svf Growth held a 3.42% stake in Zomato. This stake was subject to a 12-month lock-in following Blinkit’s acquisition, which concluded on August 25. Read here: SoftBank to sell 1.17% stake in Zomato SoftBank received issued during Zomato's acquisition of quick grocery-delivery startup Blinkit last year, for selling its holding to the company.
The lock-in period for investors after the Blinkit deal ended on August 25. The transfer of the stake from SoftBank to Zomato happened in connection with Zomato’s acquisition of the quick commerce company in 2022. On 28 August, Tiger Global -backed Internet Fund III Pte Ltd offloaded 123.5 million shares, or 1.44%, at an average price of ₹91.01 apiece via bulk deal on the BSE.
According to data on the bourses, DST Global via its investment firm Apoletto Asia sold nearly 32 million Zomato shares at ₹90.10 apiece. At 9:45 am, Zomato share price was trading 3.22% higher at ₹97.70 apiece on the BSE. Catch Live Market Updates hereGet the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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