Shares of online food delivery giant Zomato Ltd were trading in the red and 1% lower on 8 December after 9.35 crore equity shares changed hands on the exchanges in a pre-market trade.

Around 9.35 crore shares amounting to 1.06% of the company’s total equity changed hands at an average price of Rs 120.5 per share, taking the total transaction value to Rs 1,127 crore.

The buyers and sellers involved in this transaction are yet to be identified.

Japanese conglomerate SoftBank’s venture capital fund SVF Growth (Singapore) Pte was looking to divest a 1.1% stake in the company. Softbank has been consistently reducing its stake in the company.

In October 2023, Softbank sold a 1.09% stake in the company via a block deal for a total value of Rs 1,040.5 crore.

In August 2023, Softbank further sold a 1.16% stake in the food delivery giant through an open market transaction.

At 3:30 pm, the shares of Zomato closed 1.27% lower at Rs 120.15 on NSE.