SoftBank to sell over 1% in Zomato for ₹940cr today

Mumbai: SoftBank Vision Fund, an early investor in Zomato, will sell 10 crore shares translating to nearly 1.2% of the company’s equity through block deals. At the per-share floor price of Rs 94, the deal is expected to fetch about Rs 940 crore to the SoftBank arm.

The block deal comes on the heels of Tiger Global’s exit from Zomato on Monday by offloading about 12.4 crore shares for about Rs 1,130 crore. After the proposed block deal on Wednesday, SoftBank Vision Fund’s holding in Zomato would come down to about 2.2% from 3.4%, BSE data showed. Kotak Securities is managing the block deal that is slotted to be executed on Wednesday, the term sheet for the deal noted. On Tuesday, Zomato shares on the BSE closed at Rs 95, up 2.5%.

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