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.

Kotak Securities will be the broker to the deal, the report added.

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.