Zomato's shares price jumped over 5 per cent on Wednesday after a block deal in the food delivery platform. The stock gained as much as 5.12 per cent to Rs 99.50 per share on the BSE.
About 10 crore shares of Zomato, amounting to a 1.17 per cent stake in the company, were traded at an average floor price of Rs 94.70.
According to a Mint report, SoftBank’s SVF Growth (Singapore) Pte Ltd was in the process of divesting a 1.17 per cent stake in Zomato. SVF Growth held 28 crore shares, or 3.42 per cent stake in Zomato, as of June 2023 quarter. The stake was subject to a 12-month lock-in period after quick grocery-delivery startup Blinkit’s acquisition, which ended on 25 August.
Earlier this week, Zomato had a block deal where 0.4 per cent of total equity shares exchanged hands for Rs 288 crore. The deal took place at Rs 90.1 per share.
The SoftBank unit received issued securities during Zomato’s acquisition of Blinkit last year for selling its holdings to the company.
On 28 August, Tiger Global-backed Internet Fund III Pte Ltd sold 123.5 million shares, or 1.44 percent, at an average price of Rs 91.01 per share through a bulk deal on the BSE.
According to data on stock exchanges, DST Global, through its investment company Apolleto Asia, offloaded around 32 million shares of Zomato at Rs 90.10 per share.
On Wednesday, the stock rallied 5.00 points, or 5.28 per cent to settle at Rs 99.70 on the National Stock Exchange (NSE).
