Latest News | Softbank Sells 1.16 Pc Stake in Zomato for Rs 947 Cr
Get latest articles and stories on Latest News at LatestLY. Japanese conglomerate Softbank on Wednesday divested a 1.16 per cent stake in online food ordering company Zomato for Rs 947 crore through an open market transaction.
New Delhi, Aug 30 (PTI) Japanese conglomerate Softbank on Wednesday divested a 1.16 per cent stake in online food ordering company Zomato for Rs 947 crore through an open market transaction.
Softbank through its affiliate SVF Growth (Singapore) Pte offloaded the shares of Zomato on the National Stock Exchange.
Aditya Birla Sun Life Mutual Fund (MF), Axis MF, Franklin Tempelton MF, Kotak Mahindra MF, Societe Generale, Morgan Stanley Asia Singapore, Nomura Singapore, Goldman Sachs and Ghisallo Master Fund LP were among the buyers of shares of Zomato.
SVF Growth (Singapore) Pte disposed of 10,00,00,000 shares, amounting to a 1.16 per cent stake in Gurgaon-headquartered Zomato, as per the block deal data available with the NSE.
The shares were sold at an average price of Rs 94.70 apiece, taking the aggregate transaction size to Rs 947 crore.
Post the transaction, Softbank's shareholding has declined to 2.19 per cent from 3.35 per cent stake at the end of June quarter, shareholding data showed with the bourse.
On Wednesday, shares of Zomato jumped 5.28 per cent to close at Rs 99.70 apiece on the NSE.
According to reports, Softbank had received shares of Zomato after the platform acquired Blinkit in August last year. There was a lock-in period of 12 months for these shares.
With the expiry of the lock-in period this month, Softbank has started offloading the shares. Softbank was an investor in Blinkit, as per the reports.
On Monday, Tiger Global and billionaire investor Yuri Milner's DST Global pared a 1.8 per cent stake in Zomato for Rs 1,412 crore through open market transactions.
Following the stake sale by Tiger Global Management, the US-based private equity firm had exited the online food ordering and delivery platform firm.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)