New Delhi, Aug 29 (SocialNews.XYZ) Japanese company SoftBank Vision Fund (SVF Global) is looking to sell off 1.17 per cent stake in food delivery giant Zomato, according to a media report on Tuesday.
The stake will be offloaded via a block deal -- 10 crore shares at a price of Rs 94 apiece, totalling Rs 940 crore, CNBC TV-18 reported.
Kotak Securities will be the broker to the deal, the report added.
Last week, JM Financial Institutional Securities in a report said that Zomato's stock is likely to be volatile in the near term on account of market speculation around possible exits by some pre-IPO shareholders (VC/PE/Chinese investors) of the company as well as erstwhile shareholders of Blinkit who had received it under a share swap deal.
On Tuesday, US-based investment major Tiger Global, via its VC fund Internet Fund III Pte Ltd, exited Zomato by selling its entire shareholding for Rs 1,123.85 crore.
Several pre-IPO and ex-Blinkit investors are sitting on substantial unrealised gains. An analysis of the cost of acquisition of shares owned by pre-IPO and ex-Blinkit shareholders of Zomato suggests they are currently sitting on substantial gains on their investments, a large chunk of which is, however, unrealised.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
