SoftBank is expected to sell Rs 1,125 crore worth of Zomato shares

8 Dec 2023 , 11:40 AM

According to a CNBC TV-18 report, SoftBank is expected to sell Zomato shares valued at $135 million in a block deal in a subsequent tranche. This is equivalent to Rs 1,125.5 crore in rupees.

The price per share at which the shares will be sold is Rs 120.50. The stock had closed at Rs 121.80 earlier in the day, up 2.44 percent on the BSE.

Who the buyers in this deal will be, was not immediately apparent.

Previously, in October, SoftBank sold a 1.09 percent ownership share in Zomato in a large deal valued at Rs 1,040.5 crore through its affiliate SVF Growth Singapore Pte. That followed the August sale of 1.17 percent of Zomato’s stock.

According to Zomato’s most recent data, as of September’s end, SoftBank owned 2.17% of the company that provides food delivery services.

In recent months, SoftBank has begun selling its investments in Indian new generation enterprises. The investment company also sold a sizeable portion of its Paytm holdings.

Zomato’s net profit for the September quarter increased to Rs 36 crore for the second time in a row, while revenue increased by 71% to Rs 2,848 crore. The company has attracted new investors due to the persistent emphasis on results, while also providing an opportunity for current investors to sell at a profit.

Zomato’s share price has increased by 102% so far this year. Despite this, the stock is still distant from reaching its all-time high of Rs 169.

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