Japanese investment company SoftBank is reportedly exploring a block deal to sell a stake worth Rs 1,125.5 million in the food distribution unicorn Zomato, as per CNBC TV18. SoftBank's venture capital fund SVF Growth (Singapore) Pte is likely to sell 1.1 per cent stake in the Unicorn through a block deal.

The report added that the offer size for this block deal would be Rs 1,127.5 crore. 

The minimum price of Zomato shares for this block deal has been fixed at Rs 120.50. Last August, SoftBank sold a 1.16 per cent stake in Zomato for Rs 947 crore through an open market transaction.

According to sources cited in the report, global banking giant Citibank has been appointed as the banker to oversee the transaction. SoftBank retains a 2.17 percent ownership stake in Zomato, according to the latest data provided by Zomato as of the end of September. 

SoftBank, a prominent investor in Blinkit, received Zomato shares after the platform acquired the company in August 2022. There was a lock-in period of 12 months for these shares. With the lock-in period ending in August, SoftBank has started selling shares.  

Zomato reported a net profit of Rs 36 crore in the September quarter. 

The food distribution company reported a net loss of Rs 251 crore in the same quarter last year. Revenue for the period increased 72 per cent year-on-year to Rs 1,661 crore from Rs 2,848 crore. The company's revenue grew by 18 percent, while operating losses remained almost the same. Shares of Zomato Ltd closed at Rs 121.80, up 2.90 or 2.44 per cent on the BSE.