New Delhi, Oct 20 (IANS): Nearly 9.28 crore equity shares of online food delivery platform Zomato worth Rs 1,040 crore were offloaded on Friday in a bulk deal, likely by SoftBank.

Japanese investment giant SoftBank, via its affiliate SVF Growth (Singapore) Pte, likely sold 1.09 per cent stake in Zomato in the bulk deal, taking the online food delivery platform’s stock up more than 2 per cent in the opening trade on the BSE.

Shares exchanged hands at an average price of Rs 111.20. SoftBank held a 2.17 per cent stake in Zomato (by September 2023 quarter).

In August, SoftBank had sold a partial stake in Zomato through bulk deals at Rs 947 crore.

The Japanese investment giant, which had sold nearly 10 crore shares in Zomato, amounting to an 1.17 per cent of the company’s equity, is planning to fully exit the online food delivery platform.

SoftBank bought the stake in Zomato in June last year for around Rs 71 per share.

For the company, Zomato is just an investment on which the company has made significant profits.

Another foreign institutional investor, Tiger Global Management, offloaded its entire shareholding of 1.44 per cent in Zomato in August. The deal earned Tiger Global a total of Rs 1,123.85 crore.