Zomato shares worth Rs 1,125 crore sold in block deal, Softbank likely seller

The stock was up marginally. The sellers and buyers were not immediately known but a report said Softbank was looking to pare its stake in the food-delivery platform

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Zomato Ltd’s Rs 1,125 crore worth of shares changed hands in a block deal on December 8. The sellers and buyers were not immediately known but a report earlier said Softbank was looking to pare its stake in the Gurugram based food-delivery platform.

At 9.17 am, stock was trading at Rs 123.3, up 1.3 percent from the previous closed.

The deal happened at Rs 120.5 a share, at a discount to the current market price. On December 7, the counter closed at Rs 122, up over 2 percent from the previous day.

A CNBC TV-18 report had said that Softbank was looking to sell Zomato shares worth $135 million via a block deal.

SoftBank has been consistently reducing its holding in Zomato. As of June, the Japanese investor, represented by its affiliate, held a 3.35 percent stake, which was subsequently brought down to 2.17 percent by September.

In October, SoftBank, through its affiliate SVF Growth Singapore Pte, executed a bulk deal, selling a 1.09 percent equity stake in Zomato for Rs 1,040.5 crore. This followed a previous 1.17 percent stake sale in Zomato in August.Follow our market blog for all the live action

According to the latest data reported by Zomato, Masayoshi Son’s Softbank held a 2.17 percent stake in the food delivery services provider in the September quarter.

In the July-September period of this fiscal. Zomato reported a net profit of to Rs 36 crore, the second successive quarter of profit, with a 71 percent increase in revenue at Rs 2,848 crore.

The company’s consistent focus on earnings has attracted new investors and provided the existing ones an opportunity to exit at a profit.

Zomato has surged by 102 percent this year but is still some distance away from its all-time high of Rs 169.

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