Softbank Vision Fund Global is expected to sell over 1% stake in Zomato on Wednesday. The deal size is pegged at Rs 940, according to sources close to the development.
The number of shares up for sale would be 100 million at the price of Rs 94/share. Zomato’s shares closed at Rs 94.65/share on Tuesday’s trading session – higher by 2.5% than previous closing.
The deal will be brokered by Kotak Securities. It was reported earlier 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.
On Monday, Internet Fund III, a Tiger Global-backed VC fund, offloaded 122 million shares in Zomato representing a 1.43% stake via a block deal. At Rs 91 a share, the deal value amounted to Rs 1,115 crore.
Among the major buyers were Kotak MF (41 million shares), Societe General (38.4 million), Axis MF (19.7 million), and Morgan Stanley Asia (15.3 million). Goldman Sachs Singapore, Citigroup Global Markets Mauritius, and BNP Paribas Arbitrage were other buyers. The Zomato stock closed up 1.53% at Rs 92.33 on the BSE. At present, it is over 20% its listing price.
On the NSE, Apoletto Asia sold close to 32 million shares or a 0.37% stake at Rs 90.10 for Rs 288 crore. Axis MF, Morgan Stanley Asia, ICICI Prudential, and SBI Life were among major buyers.
Zomato completed the acquisition of Blinkit (erstwhile Grofers), a quick commerce firm, on August 10. The Rs 4,448-crore deal was first announced on June 24, 2022.