Zomato shares worth Rs 1,125 crore sold in block deal; Softbank likely seller

zomato shares worth rs 1,125 crore sold in block deal; softbank likely seller

Zomato shares worth Rs 1,125 crore sold in block deal; Softbank likely seller

Zomato Ltd shares worth Rs 1,125 crore changed hands in a block deal on December 8. The sellers and buyers were not immediately known but a report had said that Softbank was looking to pare its stake in the food delivery platform.

As of 9.17 am, the shares of the company were quoting Rs 123.3 apiece, higher by 1.3 percent.

Zomato block deal happened at Rs 120.5 a share, a slight discount to the the current market price. On December 7, the counter closed at Rs 122, up over 2 percent from the previous day.

A CNBC TV-18 report had suggested that Softbank was looking to sell Zomato shares worth $135 million via a block deal.

SoftBank has been consistently reducing its holdings in Zomato. As of June, the Japanese investor, represented by its affiliate, held a 3.35 percent stake, which subsequently decreased to 2.17 percent by September.

In October, SoftBank, through its affiliate SVF Growth Singapore Pte, executed a bulk deal, selling a 1.09 percent equity stake in Zomato for Rs 1,040.5 crore. This followed a previous 1.17 percent stake sale in Zomato in August.

According to the latest data reported by Zomato as of September-end, Masayoshi Son’s Softbank held a 2.17 percent stake in the food delivery services provider.

In the September quarter, Zomato reported a second consecutive quarter of net profit, amounting to Rs 36 crore, with a 71 percent increase in revenue to Rs 2,848 crore. The company’s consistent focus on earnings has attracted new investors to the stock and provided existing ones with an opportunity to exit at a profit.

Year-to-date, Zomato’s share price has surged by 102 percent, although it is still a considerable distance away from its all-time high of Rs 169.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before making any investment decisions.

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