BackSoftBank to sell 1.17% stake in Zomato
SoftBank's Svf Growth is set to sell a 1.17% stake in Zomato for around $114 million. The deal comes after other major investors, including Tiger Global and DST Global, offloaded their shares in the food aggregator.
PremiumMUMBAI : SoftBank’s Svf Growth (Singapore) Pte. Ltd is set to divest a 1.17% stake in Zomato Ltd on 30 August. The deal is expected to fetch ₹940 crore ($114 million) for the Japanese investor.
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, that concluded on 25 August. The transfer of the stake from SoftBank to Zomato happened in connection with Zomato’s acquisition of the quick commerce company in 2022.
The floor price of the block deal block deal, according to the document, is ₹94 apiece, or a 0.7% discount from Tuesday’s closing price on the BSE. The sale is being managed by Kotak Securities Ltd on behalf of the investors.
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. Between 25 July 2022, and 2 August, the New York-based hedge fund sold over 184 million shares, or 2.34%, of Zomato in the open market.
According to data on the bourses, DST Global via its investment firm Apoletto Asia sold nearly 32 million Zomato shares at ₹90.10 apiece.
Axis Mutual Fund, SBI Life Insurance Co., ICICI Prudential Life Insurance, Founders Collective Fund, Morgan Stanley Asia Singapore, and Societe Generale picked up the shares of the food aggregator.
On Tuesday, Zomato shares closed 2.54% higher at ₹94.70 apiece on the NSE.
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