SoftBank likely sold 10 cr shares in Zomato for Rs 947 crore; stock up [details]

Around 10 crore shares of on-line meals supply platform Zomato, amounting to an 1.17 per cent of the corporate’s fairness, modified palms on Wednesday at a complete deal worth of round Rs 947 crore.

Japanese firm SoftBank’s SVF Growth Fund is the likely vendor in this mega transaction, in accordance with CNBC TV18.

The report had earlier mentioned that SVF Growth Fund could promote 10 crore shares of the corporate or 1.17 per cent of the whole fairness through block offers at Rs 94 per share.

SVF Growth (Singapore) Pte. Ltd. had 3.35 per cent stake in Zomato, totalling round 28 crore shares.

Zomato shares reached close to Rs 100 after the block deal, and had been hovering round Rs 98.45 in morning.

The contemporary block sale got here after one other international institutional investor, Tiger Global Management, offloaded its complete shareholding of 1.44 per cent in Zomato on Monday.

The deal earned Tiger Global a complete of Rs 1,123.85 crore.

US-based funding main, through its VC fund Internet Fund III Pte Ltd, exited on-line meals supply platform Zomato.

The VC agency sold round 12.34 crore shares or 1.44 per cent stake in Zomato at a median value of Rs 91.01 per share.

Brokerage agency HSBC maintained its purchase ranking on Zomato and raised its value goal to Rs 120 from Rs 102 earlier.

The be aware mentioned that hyperlocal can turn into a a lot larger enterprise for Zomato in the long-term. Zomato’s stock is likely to be risky in the close to time period on account of market hypothesis round attainable exits by some pre-IPO shareholders (VC/PE/Chinese buyers) of the corporate in addition to erstwhile shareholders of Blinkit who had obtained it underneath a share swap deal, JM Financial Institutional Securities had mentioned in its current report.

(With inputs from IANS)