An arm of Japan’s SoftBank Group is slated to sell a 1.1% stake in food-delivery company Zomato Ltd on 8 December for an estimated Rs1,127.5 crore, or $135 million, as per the term sheet of the block deal.
The floor price of the deal is set at Rs120.5 per share, as per the deal terms reviewed by Mint. That’s a discount of about 1.1% to Zomato’s Thursday closing price of Rs121.80 on BSE. The shares had gained 2.4% during the day.
SoftBank Group company Svf Growth (Singapore) Pte Ltd held a 2.2% stake in Zomato as of September. It had acquired the stake in lieu of its holding in quick-delivery startup Grofers, which Zomato acquired last year and renamed as Blinkit.
The shares were subject to a 12-month lock-in period for the Japanese investor post the acquisition; that lock-in period expired on 25 August.
Shortly after, on 30 August, Svf Growth sold a 1.17% stake in the food-delivery company in a block deal for Rs940 crore.
Citigroup Global Markets India Pvt Ltd is the book runner for the sale.
Tiger Global, too, has been offloading its stake in Zomato, whose share price has more than doubled this year.
On 28 August, Internet Fund III Pte Ltd, the venture capital fund managed by Tiger Global Management, offloaded 12.35 shares, or a 1.44% stake, at an average price of Rs91.01 per share in bulk deal on BSE.
Between July 25 and August 2, the New York-based hedge fund sold more than 184 million shares, or 2.34%, of Zomato stock in the open market.
