Japanese conglomerate Softbank on Friday divested a 1.09% stake in online food delivery platform Zomato for INR 1,040 crore through an open market transaction. Softbank through its affiliate SVF Growth (Singapore) Pte Ltd offloaded shares of Zomato on the National Stock Exchange (NSE).
Bandhan Mutual Fund (MF), Motilal Oswal MF, Axis MF, Max Life Insurance Company, Abu Dhabi Investment Authority, Fidelity Investments, Goldman Sachs (Singapore), Societe Generale, and Morgan Stanley Asia Singapore, among others were the buyers of shares of Zomato, according to a PTI report.
As per the block deal data available with the NSE, SVF Growth (Singapore) sold 9,35,69,368 shares, amounting to a 1.09% stake in Zomato. Reportedly, the shares were disposed of at an average price of INR 111.20 apiece, taking the transaction value to INR 1040.49 crore.
Earlier in August this year, another pre-IPO investor U.S.-based hedge fund Tiger Global exited Zomato by selling its remaining 1.44% stake in the company at an average price of INR 91.01 per share. Tiger Global, through its investment vehicle Internet Fund IV, owned a 5.11% stake in Zomato before the foodtech unicorn launched its IPO in July 2021.
Zomato shares have risen nearly 47% in the past three months and more than doubled in the last six months. As per available resources, the large cap stock has risen around 84% in a year and 92% in the calendar year 2023. In the past one month, it has added over 12%.
