SoftBank's venture capital fund SVF Growth to sell 1.1% in Zomato

SoftBank’s venture capital fund SVF Growth, Singapore, will sell a 1.1% stake in Indian food delivery firm Zomato for Rs 1,024 

crore ($123.24 million), CNBC TV-18 reported on Thursday, citing sources.
 

The fund will continue to hold slightly over 1 per cent stake in the company. As of the quarter ending Septe­mber 30,2023, Softbank held 2.17 per cent in the company. Softbank came on Zomato’s shareholding chart as the food delivery aggregator acqu­ired Blinkit. 
 

SVF Growth will sell the stake at an offer price of Rs 109.4 to Rs 111.65 per share, a 2 per cent discount to its current market price at the lower end, the report added.
 

SoftBank did not immediately respond to a Reuters request for comment. Zomato declined to comment. In August, SoftBank’s Vision Fund sold a 1.17 per cent stake in Zomato in a deal valued at Rs 947 crore at Rs 94.7 apiece in bulk deals.
 

US-based private equity firm Tiger Global, also in August, sold its remaining Rs 1,124 crore stake in the company after cutting 

2.34 per cent stake last year.
 

Zomato’s shares have gained 88.3 per cent so far this year and closed 1.4 per cent lower on Thursday.