SoftBank could sell Rs 1,125 crore worth of Zomato shares

SoftBank could sell Rs 1,125 crore worth of Zomato shares

The price per share at which the shares will be sold is Rs 120.50.

CNBC TV-18 was informed by sources that SoftBank is probably going to sell $135 million worth of Zomato shares in another tranche as part of a block sale. This sum is Rs 1,125.5 crore in rupees.

The price per share at which the shares will be sold is Rs 120.50. The stock had gained 2.44 percent to settle at Rs 121.80 on the BSE earlier in the day.

Who the purchasers in the deal would be was not immediately apparent.

Previously, in October, SoftBank sold a 1.09 percent ownership share in Zomato in a large transaction valued at Rs 1,040.5 crore via its subsidiary SVF Growth Singapore Pte. This follows the August 1.17 percent stock sale in Zomato.

Based on Zomato's most recent statistics as of the end of September, SoftBank had a 2.17 percent investment in the meal delivery service provider.

In recent months, SoftBank has begun selling its investments in Indian new-age businesses. A sizable portion of Paytm was also sold by the investment company.

Zomato announced a net profit of Rs 36 crore for the September quarter, up 71% from the previous quarter's Rs 2,848 crore in sales. While providing current investors with an opportunity to sell the stock profitably, the ongoing emphasis on profitability has drawn in new investors.

The share price of Zomato has risen by 102% so far this year. The stock is still far from the Rs 169 all-time high, however.