SoftBank Group Corp. (TSE:9984) is likely to sell $135 million worth of stake in the food delivery company through a block deal, according to news reports. The transaction will be done at INR 120.5 apiece, which is at a marginal discount to current levels.

Softbank has been gradually paring stake in Zomato Limited (NSEI:ZOMATO) post the lock-in for Blinkit deal ended in August. As of June end, the Japanese investor, through its affiliate, held 3.35%, which came down to 2.17% in September. In August this year, it had sold about 1.17% in Zomato, which was valued at INR 9,470 million.

Earlier in October, the Japanese tech giant had offloaded a 1.09% stake in the company. Marquee funds including Citigroup, Axis MF, Bandhan MF, ADIA, Fidelity, Goldman Sachs, Morgan Stanley, and Motilal Oswal, among others bought stakes through the deal. Zomato issued fresh equity shares to all the selling shareholders of Blinkit as consideration for the M&A last year.

Following the transaction, Zomato had negotiated a 12-month lock-in for these shares, compared to the statutory lock-in requirement of six months. A majority of these shares are owned by just three venture capital investors, namely, Softbank, Sequoia, and Tiger Global.