SoftBank To Sell 1.1% Stake Worth Rs 1,024 Crore In Zomato: Report

Japanese tech major SoftBank, through its affiliate SVF Growth Singapore Pte, is expected to offload 1.1% stake in Indian food delivery company Zomato via block deals on Friday for Rs 10.24 billion ($123.24 million), said a CNBC TV-18 report citing sources.

According to the report, SVF Growth will sell the stake at an offer price of Rs 109.4 to Rs 111.65 rupees per share, a 2% discount to its current market price at the lower end. SoftBank owns a 2.17% stake in the company, at the end of September quarter.

So far, both SoftBank and Zomato haven't commented anything on this stake sale deal.

In August this year, SoftBank's Vision Fund diverted a 1.17% stake in Zomato in a deal valued at Rs 9.47 billion.
Meanwhile, US-based equity firm Tiger Global had also in August, sold its remaining Rs 11.24 billion in the company after slashing 2.34% stake last year.

Zomato shares closed 1.33% lower at Rs 111.70 on Thursday. In the last six months, the stock has gained 106%, while in this year so far the stock has gained 85%.