Softbank set to sell Zomato stake worth Rs 1,000 crore via fresh block deal

In August, Softbank had offloaded shares worth Rs 940 crore in Zomato through a block deal.

Masayoshi Son-led Japanese tech giant Softbank is planning to sell part stake in leading food delivery platform Zomato and mop up around Rs 1,000 crore, multiple industry sources in the know told Moneycontrol.

"Softbank is looking to sell half of its residual position, around 1.1 percent stake, in Zomato via the block deal route," said one of the persons cited above.

Currently, Softbank entity SVF Growth (Singapore) Pte holds a 2.22 percent stake in Zomato.  The Zomato stock has surged by nearly 106 percent in the last six months.

A second person confirmed the block deal plans and added that Kotak Mahindra Capital was the broker to the transaction.

The deal is expected to be offered at a floor price in the range of Rs 109.4 to Rs 111.65 per share, which could be either no discount or 2 percent lower than Thursday's closing price of Rs 111.65/share.

Both the persons cited above spoke to Moneycontrol on condition of anonymity. Softbank and Kotak Mahindra Capital could not be reached immediately for a comment.

In August, Softbank had offloaded shares worth Rs 940 crore in Zomato through a block deal. Later in October, it sold a 2.54 percent stake in Policybazaar parent PB Fintech for Rs 876 crores.

Also Read: SoftBank plans to sell part stake in PB Fintech in fresh block deal of around $105 mn

The year 2023 has been an active year for block deals and according to data from Prime Database, PE and venture capital firms exited investments worth Rs 57,338 crores through block deals between January and August as compared to Rs 41,051 crores during the same period last year.

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