SoftBank-Backed SVF To Sell 1.17% Stake In Zomato

SoftBank Group’s affiliate SVF Growth Singapore will sell 1.17% stake in Zomato Ltd. for at least Rs 940 crore.

SVF Growth Singapore will sell 10 crore shares at a floor price of Rs 94 apiece, representing a 0.7% discount on Tuesday’s closing price, according to the terms of the deal seen by BQ Prime.

There’s a lock-up period of 45 days on residual stake and Kotak Securities is the sole book runner for the deal, it said.

On Monday, Tiger Global's Internet Fund sold its entire 1.4% stake in food delivery giant for Rs 1,123.85 crore.

The transactions happened after the lock-in period following Zomato's Blinkit acquisition ended on Aug. 25. The investors to whom the lock-in period applied included Japanese tech giant SoftBank and venture capital investors Tiger Global and Peak XV (formerly known as Sequoia India).