SoftBank offloads 1.1% Zomato stake; PGIM MF recovers Rs 17 crore
Three private equity firms on Friday offloaded 7.76 per cent stake in Five-Star Business Finance, a micro-loan provider
 "SoftBank offloads 1.1% Zomato stake; PGIM MF recovers Rs 17 crore")
SoftBank offloads 1.1% Zomato stake, worth Rs 1,128 crore
SoftBank’s investment firm SVF Growth Singapore offloaded its remaining 93.57 million shares (1.07 per cent equity) in food delivery major Zomato on Friday. It sold shares at Rs 120.5 apiece to mop up Rs 1,128 crore. Among the buyers were Societe Generale, Edelweiss Mutual Fund, Morgan Stanley, and Invesco MF. Shares of Zomato fell 1.6 per cent to end at Rs 120.
In October, the investment major had sold 1.1 per cent stake in Zomato at Rs 111.2 per share to raise Rs 1,040 crore. Last month, Alipay Singapore Holding had sold its entire 3.44 per cent stake in Zomato.
In October, the investment major had sold 1.1 per cent stake in Zomato at Rs 111.2 per share to raise Rs 1,040 crore. Last month, Alipay Singapore Holding had sold its entire 3.44 per cent stake in Zomato.
It sold 296 million shares at Rs 112.7 a piece for a total of Rs 3,336 crore. Shares of Zomato have more than doubled this year.
PGIM MF recovers Rs 17 crore stuck in JSEL papers
PGIM India Mutual Fund has recovered Rs 17 crore following the completion of sale of Jorabat Shillong Expressway Limited (JSEL) to Sekura Roads, the fund house said in a recent communication to unitholders.
"Pursuant to the above recovery, PGIM India AMC distributed the entire sum recovered including principal and accrued interest to unit holders of the referred schemes," the fund house stated in the communication.
PGIM MF had exposure to JSEL papers through five of its fixed maturity plans (FMPs), which matured in 2021.
JSEL, an IL&FS subsidiary, had defaulted on its debt obligations in March 2019. In such cases, funds holding papers of the defaulted entity have to value the holdings at zero.
According to the fund house, there was an option to sell the paper last year at a discount but they held onto it expecting full recovery, given the efforts "being undertaken by stakeholders to sell JSEL".
PE firms offload 7.76% in Five-Star Business
Three private equity firms on Friday offloaded 7.76 per cent stake in Five-Star Business Finance, a micro-loan provider. Matrix Partners sold 3.15 per cent stake, TPG Capital 3.05 per cent, and Peak XV sold 1.56 per cent. A total of 22.7 million shares were sold at Rs 730 apiece for a total of Rs 1,656 crore.
The names of the buyers couldn’t be ascertained. Shares of Five-Star fell 2.5 per cent to finish at Rs 736. In November 2022, Five-Star came out with a Rs 1,593 crore IPO where it offered shares at Rs 474 apiece.
The names of the buyers couldn’t be ascertained. Shares of Five-Star fell 2.5 per cent to finish at Rs 736. In November 2022, Five-Star came out with a Rs 1,593 crore IPO where it offered shares at Rs 474 apiece.