Japanese conglomerate SoftBank's venture capital fund SVF Growth (Singapore) Pte is likely to divest a 1.1% stake in online food delivery platform Zomato, via a block deal, sources privy to the developments told CNBC-TV18.
The offer size for this block deal stands at ₹1,127.5 crore. The floor price for the Zomato shares has been set at ₹120.50, sources told CNBC-TV18.
In August this year, SoftBank had pared a 1.16% stake in Zomato for ₹947 crore through an open market transaction. Global banking giant Citi has been appointed as the banker overseeing the transaction, sources close to the development said.
According to reports, SoftBank had received shares of Zomato after the platform acquired Blinkit in August 2022. There was a lock-in period of 12 months for these shares. With the expiry of the lock-in period in August this year, SoftBank has started offloading the shares. SoftBank was an investor in Blinkit, as per the reports.
Zomato had reported a net profit of ₹36 crore for the September quarter. It had reported a net loss of ₹251 crore during the same quarter last year. Revenue for the period grew by 72% year-on-year to ₹2,848 crore from ₹1,661 crore. On a sequential basis, the company's revenue grew by 18%, while the operating loss remained nearly the same.
Shares of Zomato Ltd ended at ₹121.80, up by ₹2.90, or 2.44%, on the BSE.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
PM Modi visits Ram Mandir for first time since 'Pran Pratishtha', offers prayers before roadshow
May 5, 2024 8:59 PM
Visiting temples, obliging selfie requests, jabbing rivals – Kangana Ranaut is wooing voters on campaign trail
May 5, 2024 8:23 PM