Zomato share price gains after SVF Growth sells 1.2% equity stake

Zomato shares rose 1 percent in the morning trade on August 31, extending its previous day’s 5-percent rally, after an affiliate of SoftBank sold 10 crore equity shares in the company.

Zomato was trading at Rs 100.7 at 9.26 am on the National Stock Exchange.

SVF Growth sold 1.16 percent equity in Zomato at Rs 94.7 per share in a bulk deal on August 30. The total deal size was worth Rs 947 crore. SVF Growth’s shareholding in the company was 3.35 percent or 28.71 crore shares as of June 2023.

Also Read: SoftBank may exit Zomato fully after selling 1.17% in block deal

A total of 26 crore Zomato shares changed hands on the exchanges on August 30, which was two times higher than its monthly traded average.

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Goldman Sachs Investments. Copthall Mauritius Investment Fund, BNP Paribas Arbitrage, Franklin Templeton Mutual Fund, Axis Mutual Fund, Kotak Mahindra Fund, Morgan Stanley Asia Singapore, and others were the buyers in the deal.

The financials

Zomato made a profit of Rs 2 crore in the April-June quarter as compared to a loss of Rs 250 crore in the same period last year. Revenue increased 70 percent year-on-year to Rs 2,416 crore in the same period.

Tiger Global Management, another key foreign investor in Zomato, sold its entire shareholding of 1.44 percent in Zomato for Rs 1,123.85 crore on August 28, as per NSE bulk deals data. The shares were offloaded by Internet Fund III Pte Ltd in an open market transaction.

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