The floor price for Zomato's shares is set at 120.50 rupees apiece, the report added, a near 1% discount to the stock's last closing price.
This is the third time since August that SoftBank will offload its stake in Zomato, India's largest online food delivery service. It sold a similar stake in October.
Zomato and SoftBank did not immediately respond to Reuters' requests for comment.
Last month, Chinese payments group Alipay also offloaded its entire 3.44% stake in the food delivery platform through block deals.
($1 = 83.3330 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Sohini Goswami)