Zomato, Swiggy call claims of antitrust probe by CCI as ‘misleading’
Zomato addressed the claims of the antitrust investigation by the Competition Commission of India (CCI) into its business practices, and called them “misleading”.
Japanese company SoftBank Vision Fund (SVF Global) is looking to sell off 1.17 per cent stake in food delivery giant Zomato, according to a media report on Tuesday.
The stake will be offloaded via a block deal — 10 crore shares at a price of Rs 94 apiece, totalling Rs 940 crore, CNBC TV-18 reported.
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Kotak Securities will be the broker to the deal, the report added.
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Last week, JM Financial Institutional Securities in a report said that Zomato’s stock is likely to be volatile in the near term on account of market speculation around possible exits by some pre-IPO shareholders (VC/PE/Chinese investors) of the company as well as erstwhile shareholders of Blinkit who had received it under a share swap deal.
On Tuesday, US-based investment major Tiger Global, via its VC fund Internet Fund III Pte Ltd, exited Zomato by selling its entire shareholding for Rs 1,123.85 crore.
Several pre-IPO and ex-Blinkit investors are sitting on substantial unrealised gains. An analysis of the cost of acquisition of shares owned by pre-IPO and ex-Blinkit shareholders of Zomato suggests they are currently sitting on substantial gains on their investments, a large chunk of which is, however, unrealised.
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