SoftBank fund to sell 1.1% stake in Zomato for ₹1,023.6 crore: Report
SoftBank’s venture capital fund SVF Growth, Singapore, will sell a 1.1% stake in Indian food delivery firm Zomato for 10.24 billion rupees ($123.24 million), CNBC TV-18 reported on Thursday, citing sources.
SVF Growth will sell the stake at an offer price of 109.4 rupees to 111.65 rupees per share, at a 2% discount to its current market price at the lower end, the report added.
Zomato and Softbank did not immediately respond to a Reuters request for comment.
In August, Softbank’s Vision Fund sold a 1.17% stake in Zomato in a deal valued at 9.47 billion rupees at 94.7 rupees apiece in bulk deals.
U.S.-based private equity firm Tiger Global, also in August, sold its remaining 11.24 billion rupees stake in the company after cutting 2.34% stake last year.
Zomato shares have gained 88.3% so far this year and closed 1.4% lower on Thursday.
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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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Updated: 19 Oct 2023, 07:41 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.