Early Wednesday trading saw a 5% increase in Zomato's share price as a result of rumors of a block deal involving the industry titan of meal delivery. Zomato's shares saw a significant upswing, jumping 5.12% on the Bombay Stock Exchange (BSE) to Rs 99.50 per share.
Approximately 10 crore Zomato shares, or 1.17 percent of the company, were traded in the most recent block sale at an average floor price of Rs 94.70 per share on the stock exchanges. This transaction was worth around Rs 947 crore in total.
A 1.17 percent interest in Zomato owned by SoftBank's Svf Growth (Singapore) Pte. Ltd was reportedly being sold for an estimated Rs 940 crore ($114 million) in earlier reports from Mint.
Svf Growth had previously owned this position, which as of June 30 represented a 3.42 percent ownership interest in Zomato.
After the acquisition by Blinkit was completed on August 25, a 12-month lock-in term was applied to this investment.
SoftBank acquired issued securities as part of Zomato's 2022 acquisition of the fast grocery delivery firm Blinkit. On August 25, the lock-in limitation for these securities expired, causing SoftBank to transfer its share to Zomato.
In addition, on August 28, Tiger Global-backed Internet Fund III Pte Ltd sold 123.5 million shares, or 1.44 percent, in a bulk transaction at an average price of Rs 91.01 per share.
Similarly, Apoletto Asia, an investment arm of DST Global, sold 32 million Zomato shares for Rs 90.10.
Around 10:40 a.m., Zomato's share price maintained its strong performance and was up 4.61 percent, trading at Rs 99.01 per share on the BSE.
