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MUMBAI: SoftBank Vision Fund, an early investor in Zomato, will sell 10 crore shares translating to nearly 1.2% of the company’s equity through block deals. At the per-share floor price of Rs 94, the deal is expected to fetch about Rs 940 crore to the SoftBank arm.
The block deal comes on the heels of Tiger Global’s exit from Zomato on Monday by offloading about 12.4 crore shares for about Rs 1,130 crore. After the proposed block deal on Wednesday, SoftBank Vision Fund’s holding in Zomato would come down to about 2.2% from 3.4%, BSE data showed. Kotak Securities is managing the block deal that is slotted to be executed on Wednesday, the term sheet for the deal noted. On Tuesday, Zomato shares on the BSE closed at Rs 95, up 2.5%.
The sensex and Nifty closed higher on Tuesday, marking their second straight day of gains as metal, power and select financial shares advanced. Losses in index majors Reliance Industries, ICICI Bank and Airtel, and foreign fund outflows restricted gains, analysts said.
Rising for a second day straight, the sensex rose by 79 points or 0.1% to settle at 65,076, tracking firm global markets. During the day, it jumped 232 points to 65,229.
The block deal comes on the heels of Tiger Global’s exit from Zomato on Monday by offloading about 12.4 crore shares for about Rs 1,130 crore. After the proposed block deal on Wednesday, SoftBank Vision Fund’s holding in Zomato would come down to about 2.2% from 3.4%, BSE data showed. Kotak Securities is managing the block deal that is slotted to be executed on Wednesday, the term sheet for the deal noted. On Tuesday, Zomato shares on the BSE closed at Rs 95, up 2.5%.
The sensex and Nifty closed higher on Tuesday, marking their second straight day of gains as metal, power and select financial shares advanced. Losses in index majors Reliance Industries, ICICI Bank and Airtel, and foreign fund outflows restricted gains, analysts said.
Rising for a second day straight, the sensex rose by 79 points or 0.1% to settle at 65,076, tracking firm global markets. During the day, it jumped 232 points to 65,229.
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