SoftBank seeks to offload shares worth $135 million in India's Zomato - CNBC-TV18

Reuters

7 December 2023 at 8:51 am·1-min read

FILE PHOTO: Illustration picture of Indian food delivery company Zomato

BENGALURU (Reuters) - Japan's SoftBank is seeking to sell a 1.1% stake in the Indian food delivery platform Zomato through a block deal worth 11.28 billion rupees ($135.36 million), CNBC-TV18 reported on Thursday, citing sources.

The floor price for Zomato's shares is set at 120.50 rupees apiece, the report added, a near 1% discount to the stock's last closing price.

This is the third time since August that SoftBank will offload its stake in Zomato, India's largest online food delivery service. It sold a similar stake in October.

Zomato and SoftBank did not immediately respond to Reuters' requests for comment.

Last month, Chinese payments group Alipay also offloaded its entire 3.44% stake in the food delivery platform through block deals.

($1 = 83.3330 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Sohini Goswami)

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