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SoftBank to divest stake in Zomato via block deal
Photo Courtesy: Wikimedia Commons

SoftBank to divest stake in Zomato via block deal

| @indiablooms | 08 Dec 2023, 04:07 pm

Mumbai: Japanese investment holding firm SoftBank is aiming to divest a 1.1% share in the Indian food delivery service Zomato through a block deal valued at 11.28 billion rupees ($135.36 million), as per sources cited by CNBC-TV18 on Thursday.

The specified floor price for Zomato's shares is established at 120.50 rupees each, representing a nearly 1% reduction compared to the stock's most recent closing price.

The company is set to offload a stake in Zomato, India's leading online food delivery service, for the third time since August. An equivalent stake was previously sold in October.

In November, the Chinese payments conglomerate Alipay divested its complete 3.44% stake in the food delivery platform via block deals.

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