Japanese investor SoftBank is planning to completely divest its holdings in foodtech giant Zomato through open market transactions in the upcoming months. This comes after SoftBank gained a profit exceeding INR 100 Cr by divesting a portion of its stake in the company earlier this week.
SoftBank also holds another 2.18% stake in Zomato, and it is actively looking at divesting this stake through block deals in the upcoming months, Moneycontrol reported.
This comes after SoftBank gained a profit exceeding INR 100 Cr by divesting a portion of its stake in the company earlier this week
SoftBank also holds another 2.18% stake in Zomato, and it is actively looking at divesting this stake through block deals in the upcoming months
The development follows the expiration of the lock-in period for Blinkit investors, who received Zomato shares following the acquisition last year
The Japanese investor offloaded 10 Cr Zomato shares at an average floor price of INR 94.70 per share, in contrast to their average acquisition cost of INR 83-85 per share. This resulted in a per-share profit ranging between INR 10-12.
The development follows the expiration of the lock-in period for Blinkit investors, who received Zomato shares following the acquisition of the quick commerce player by the foodtech giant. SoftBank, which was an investor in Blinkit, received a stake of 3.35% in Zomato post the acquisition last year.
Given that Zomato was not SoftBank’s initial investment, the investor is not willing to retain the stake in the company.
