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SoftBank offloads 1.1% stake in Zomato for Rs 1,125 cr Bock deal

SoftBank offloads 1.1% stake in Zomato for Rs 1,125 cr

India Blooms News Service | @indiablooms | 09 Dec 2023, 02:42 am

Mumbai: VF Growth (Singapore) Pte Ltd, the venture capital fund affiliated with Japan's Softbank, has completed its exit from food delivery company Zomato, through open market transactions conducted on Friday, media reports said.

According to the bulk deals data published by exchanges, SVF Growth (Singapore) divested the remaining 9.35 crore equity shares at an average price of Rs 120.5 per share, totaling Rs 1,127.5 crore.

In this transaction, top investors such as Citigroup, Fidelity Investment, Goldman Sachs, Invesco MF, ICICI Pru Life, Morgan Stanley, and others have acquired shares in the company.

In an earlier transaction on October 20, the fund had sold 9.35 crore shares at an average price of Rs 111.2 per share when Zomato's stock faced a 1.4 percent decline, reaching Rs 120.

Another international investor, Alipay Singapore Holding Pte Ltd, affiliated with the Ant Group, also completed its exit from the food delivery giant on November 29.

It offloaded its entire stake of 29.6 crore shares, equivalent to a 3.44 percent ownership.

Within just under two weeks, two major investors have exited Zomato.

However, the company's stock has experienced an impressive surge of 151 percent from its lowest point this year, recorded in January.

The recovery was driven by the strong financial performance observed in the previous two quarters, during which the company recorded profits in consecutive terms.

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