MUMBAI : SoftBank’s Svf Progress (Singapore) Pte. Ltd is about to divest a 1.17% stake in Zomato Ltd on 30 August. The deal is predicted to fetch ₹940 crore ($114 million) for the Japanese investor.
In response to the time period sheet reviewed by Mint, on 30 June, Svf Progress held a 3.42% stake in Zomato. This stake was topic to a 12-month lock-in following Blinkit’s acquisition, that concluded on 25 August. The switch of the stake from SoftBank to Zomato occurred in reference to Zomato’s acquisition of the fast commerce firm in 2022.
The ground value of the block deal block deal, in response to the doc, is ₹94 apiece, or a 0.7% low cost from Tuesday’s closing value on the BSE. The sale is being managed by Kotak Securities Ltd on behalf of the buyers.
On 28 August, Tiger World -backed Web Fund III Pte Ltd offloaded 123.5 million shares, or 1.44%, at a median value of ₹91.01 apiece through bulk deal on the BSE. Between 25 July 2022, and a pair of August, the New York-based hedge fund offered over 184 million shares, or 2.34%, of Zomato within the open market.
In response to knowledge on the bourses, DST World through its funding agency Apoletto Asia offered almost 32 million Zomato shares at ₹90.10 apiece.
Axis Mutual Fund, SBI Life Insurance coverage Co., ICICI Prudential Life Insurance coverage, Founders Collective Fund, Morgan Stanley Asia Singapore, and Societe Generale picked up the shares of the meals aggregator.
On Tuesday, Zomato shares closed 2.54% larger at ₹94.70 apiece on the NSE.
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Up to date: 29 Aug 2023, 10:22 PM IST
Supply: Live Mint