Major investor to sell Zomato shares worth over ₹3,400 crore
Antfin Singapore Holding, a subsidiary of the Alibaba Group, is preparing to divest a 1.54% stake in Zomato. The transaction, valued at approximately $408 million (nearly ₹3,422 crore), will be executed through block deals, as per CNBC-TV18. The base price for this deal has been set at ₹251.68 per share, marking a 4% discount from the stock's last closing price on the National Stock Exchange (NSE).
Antfin's stake in Zomato to reduce post-transaction
As of June 30, 2024, Antfin held a 4.3% stake in Zomato according to exchange data. The completion of this transaction will reduce Antfin Singapore's shareholding in the food delivery company to a 2.76% stake from its current position. This move comes after Zomato's robust quarterly earnings report where its net profit surged by over 126 times to ₹253 crore in the April-June quarter, compared with the same period last year.
Zomato's share price and market performance
On Monday, Zomato's share price settled at ₹263.24 per share on the NSE. On the Bombay Stock Exchange (BSE), it closed slightly lower at ₹262.30, marking a 0.83% decrease. Despite this slight dip, Zomato has delivered impressive returns of over 110% in 2024 so far, according to BSE data. Over the last two years, its value has increased by a substantial 327%.
