SoftBank to sell 1.17% stake in Zomato for Rs 940 crore via block deal: Sources

Tiger Global exited Zomato on Aug 28 (Reuters file image)

SoftBank Vision Fund  (SVF Global) is likely to offload 1.17 percent stake it holds in food delivery giant Zomato for Rs 940 crore via a block deal, CNBC TV-18 reported on August 29, citing sources.

A total of 10 crore shares will be sold by SVF Growth Fund, at a price of Rs 94 apiece, the sources added. Meanwhile, in the trading session on August 29, Zomato's scrip settled at Rs 94.65 apiece on the BSE, which was 2.51 percent higher as against the previous day's close.

Kotak Securities will be broker to the deal, the report added.

A day earlier, Zomato's stock had opened 5 percent higher on the exchanges, after 184 million shares, worth a 2.14 percent stake, were reported to have changed hands in a block deal.

While the buyers and sellers were not known immediately, sources had told Moneycontrol that Softbank was likely to sell its shares as the lock-in period for investors after the Blinkit deal ended on August 25.

SoftBank owns 3.35 percent stake in Zomato, which it was issued during the Blinkit deal for selling its holding to the company.

Tiger Global Management, another key foreign investor in Zomato, sold its entire shareholding of 1.44 percent in the company for Rs 1,123.85 crore, as per the bulk deals data available on the exchanges on August 28. The shares were offloaded by Internet Fund III Pte Ltd, the venture capital fund managed by the US-based investment manager, via open market transactions.