It appears that SoftBank, a Japanese conglomerate and technology investor, is planning to sell small stakes in Paytm and Zomato in the open market. The objective behind this move is to capitalize on the recent rally in the stocks and book profits.
SoftBank had initially purchased shares in Paytm at around Rs 830-840 per share and in Zomato at around Rs 65-70 per share. Paytm, an Indian digital payments and e-commerce company, has experienced a significant surge, with its stock gaining nearly 70 percent this year. On the other hand, Zomato, an Indian food delivery and restaurant aggregator platform, has gained 24 percent, driven by improved financial performance.
SoftBank currently holds an 11.17 percent stake in Paytm and a 3.4 percent stake in Zomato. This planned sale presents SoftBank with its first opportunity to sell shares at a profit since the companies went public in 2021.
It’s worth noting that stock prices and market conditions can be volatile and subject to change, so the actual profits realized by SoftBank will depend on the prevailing market prices at the time of the sale.
Last Updated on: Saturday, June 17, 2023 8:13 am by Anu Priya | Published by: Anu Priya on Saturday, June 17, 2023 8:06 am | News Categories: Business, Tech
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