The Japanese conglomerate SoftBank wants to use a block deal to sell off a ₹1,125.5 million stake in Zomato, a food delivery service.
SoftBank's investment company SVF Growth Singapore intends to sell its last 93.5 million shares (1.1 percent of the company) in Zomato, a major player in food delivery
According to the sources, the transaction's price range has been set at Rs 120–121 per share
Zomato's shares most recently closed at Rs 121.8. About Rs 1,130 crore ($135 million) will be available for SoftBank to take out of the agreement
To raise Rs 1,040 crore, the investment major sold a 1.1% stake in Zomato in October for Rs 111.2 per share.
Alipay Singapore Holding sold all 3.44 percent of its Zomato shares last month.
For a total of Rs 3,336 crore, Alipay sold 296 million shares at a price of Rs 112.7 each.
According to the report, Zomato's shares have a floor price of 120.50 rupees each, which represents a nearly 1% discount to the stock's most recent closing price
This is the third time since August that SoftBank will offload its stake in Zomato,