SoftBank’s SVF Growth to Sell 1.1% Stake in Zomato for $123.24 Million

SoftBank's SVF Growth to Sell 1.1% Stake in Zomato for $123.24 Million

VoM News Desk | October 19, 2023 | 08:49 PM IST | Breaking News | Follow on Google News

SoftBank’s SVF Growth to Sell 1.1% Stake in Zomato for $123.24 Million

SoftBank’s SVF Growth to Sell 1.1% Stake in Zomato for $123.24 Million

SoftBank’s venture capital fund, SVF Growth, based in Singapore, is reportedly selling a 1.1% stake in the Indian food delivery giant, Zomato. The transaction is valued at 10.24 billion rupees, equivalent to approximately $123.24 million, according to sources cited by CNBC TV-18.

Stake Sale at a Discount

SVF Growth plans to offer the stake at a price ranging from 109.4 rupees to 111.65 rupees per share, which represents a 2% discount to Zomato’s current market price at the lower end of the range, as per the report. The precise reasons for the stake sale were not immediately disclosed.

Continued Investor Activity

This isn’t the first instance of stake sales involving Zomato this year. In August, SoftBank’s Vision Fund sold a 1.17% stake in the company for 9.47 billion rupees, at a rate of 94.7 rupees per share. Additionally, U.S.-based private equity firm Tiger Global divested its remaining 11.24 billion rupees stake in the company in August, following a 2.34% reduction in its stake the previous year.

Zomato, which has seen its shares rise by 88.3% this year, has continued to attract investor attention. Its stock closed 1.4% lower on Thursday.

VoM News Desk

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