SoftBank Likely To Sell Stake In Zomato: Report As per the report, the shares received during the Blinkit deal will unlock for trading on Monday, August 28
By Teena Jose
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Japanese tech player SoftBank is likely to sell Zomato shares through block deals as soon as the lock-in for the post-Blinkit deal ends today, according to CNBC-TV18.
As per the report, the shares received during the Blinkit deal will unlock for trading on Monday, August 28 as part of the 12-month lock-in period.
SoftBank reportedly owns 3.35% stake in Zomato, which it was issued during the Blinkit deal for selling its holding to the company. Also, the implied value of shares of Zomato which SoftBank received via the Blinkit deal stood at INR 70.76 per share.
Zomato issued fresh equity shares to all the selling shareholders of Blinkit as consideration for the M&A last year. Following the transaction, Zomato had negotiated a 12-month lock-in for these shares, compared to the statutory lock-in requirement of six months, as per the report.
"Given the quantum of these gains and basis past actions of these VC/PE/Chinese shareholders in the listed internet names that recently went public, we believe it is fair to say that a sizeable proportion of Zomato's stock could be available for trade in large blocks in a not-so-distant future," the brokerage had said earlier.
