SoftBank Offloads 1.1% Zomato Stake for Rs 1,128 Crore; PGIM MF Recovers Rs 17 Crore from JSEL Papers


SoftBank’s investment firm, SVF Growth Singapore, has completed the sale of its remaining 1.07% equity stake in Zomato, amounting to 93.57 million shares, for Rs 1,128 crore. The shares were sold at Rs 120.5 each, with buyers including Societe Generale, Edelweiss Mutual Fund, Morgan Stanley, and Invesco MF. Zomato’s stock experienced a 1.6% decline to close at Rs 120. In October, SoftBank had sold a 1.1% stake in Zomato at Rs 111.2 per share, raising Rs 1,040 crore. Last month, Alipay Singapore Holding sold its entire 3.44% stake in Zomato, selling 296 million shares for Rs 3,336 crore. Zomato’s shares have more than doubled in value this year.

PGIM India Mutual Fund successfully recovered Rs 17 crore following the sale of Jorabat Shillong Expressway Limited (JSEL) to Sekura Roads. The recovery included both principal and accrued interest, and PGIM India AMC distributed the entire sum to unitholders of the relevant schemes. PGIM MF had exposure to JSEL papers through five of its fixed maturity plans (FMPs) that matured in 2021. JSEL, an IL&FS subsidiary, had defaulted on its debt obligations in March 2019, and PGIM held onto the papers with the expectation of a full recovery.

Three private equity firms, Matrix Partners, TPG Capital, and Peak XV, collectively offloaded a 7.76% stake in Five-Star Business Finance, a micro-loan provider. The sale involved 22.7 million shares at Rs 730 apiece, totaling Rs 1,656 crore. Matrix Partners sold 3.15% stake, TPG Capital sold 3.05%, and Peak XV sold 1.56%. The names of the buyers were not disclosed. Five-Star’s shares experienced a 2.5% decrease, closing at Rs 736. In November 2022, Five-Star had launched its IPO, raising Rs 1,593 crore by offering shares at Rs 474 each.

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