Antfin Singapore Likely To Offload Up To 2% Stake In Zomato For INR 2,800 Cr

Amid a sharp rally in share prices of Zomato, China’s Ant Group’s arm Antfin Singapore Holdings is reportedly looking to offload up to 2% stake in the foodtech giant. 

The investor is looking to divest 17.64 Cr shares in a block deal at a price of INR 159.4 per share, according to a report by CNBC-Awaaz. This would peg the entire deal at INR 2,800 Cr. 

As per Zomato’s shareholding pattern at the end of December quarter of 2023, Antfin Singapore held 6.42% stake in the Deepinder Goyal-led company.

The latest development comes a day after Zomato shares soared to an all-time high of INR 175.5 during the intraday trading on Monday (March 4). While the stock has been on an uptrend since April 2023, it got a major boost after the foodtech major reported its third consecutive profitable quarter in Q3 FY24. 

The startup reported a 283% quarter-on-quarter jump in consolidated profit after tax (PAT) to INR 138 Cr in the December quarter of 2023. Operating revenue grew to INR 3,288 Cr from INR 2,848 Cr in Q2 FY24.

Following the results, brokerage firms, including Jefferies, Nuvama and Kotak, raised their price targets (PT) for Zomato stock.

On the back of its improving financials, shares of Zomato have more than tripled over the past year. The stock is also trading nearly 35% higher year to date. As a result, a number of big investors have been selling their stakes in the company in recent months to book profits.

In December, SoftBank offloaded 9.35 Cr shares of foodtech giant Zomato in an INR 1,127 Cr block deal. In January, Societe Generale sold over 86.5 Lakh shares of Zomato in a block deal. Motilal Oswal Mutual Fund also sold 4.5 Cr shares of Zomato in an open market transaction in the same month.

Shares of Zomato ended today’s trading session 2.18% lower at INR 166.05 on the BSE.