![Zomato Block Deal: Antfin Singapore To Offload Shares Worth $408 Mn](https://inc42.com/cdn-cgi/image/quality=75/https://asset.inc42.com/2024/05/zomato-bernstein-featured-760x570.png)
Antfin Singapore sold 18.54 Lakh shares of Zomato, or a 2.1% stake, via block deals on Tuesday
While 9.27 Lakh shares were dumped at INR 257.46 apiece, another 9.27 Lakh shares were offloaded at INR 257.17 per share
This comes a day after Zomato shares touched the record INR 280 mark on the BSE after brokerage firm UBS raised its price target for the stock to INR 320
Update | Aug 20, 22:02
Antfin Singapore Holding Pte Ltd. on Tuesday (August 20) offloaded nearly half of its stake in foodtech major Zomato in two block deals worth INR 4,771 Cr.
As per the BSE data, Antfin sold 18.54 Lakh shares of Zomato in two tranches. While 9.27 Lakh shares were dumped at INR 257.46 apiece, another 9.27 Lakh shares were offloaded at INR 257.17 per share.
The foodtech major’s stock eventually closed the day 0.27% higher at INR 263 on the BSE on Tuesday.
Original Story | August 19, 17:57
Amid Zomato’s bull run on the bourses, Ant Group’s arm Antfin Singapore is reportedly looking to sell the foodtech giant’s shares worth $408 Mn (INR 3,422.84 Cr).
As per a report by CNBC-TV18, Antfin Singapore intends to sell 13.6 Cr shares, or a 1.54% stake, via a block deal on Tuesday (August 19).
Citing the documents accessed by it, the publication said that the floor price for the block deal has been fixed at INR 251.68 per share, which translates to a 4% discount from Zomato’s closing price of INR 262.3 on Monday.
Antfin Singapore Holding held 37.38 Cr shares, or a 4.3% stake, in Zomato at the end of the June quarter of 2024.
This would mark the second such stake sale by the Chinese investor this year. Earlier in March, Antfin sold 9.7 Cr shares of Zomato in bulk deals worth INR 2,827 Cr.
The decision to offload the shares come at a time when Zomato has been touching new highs on the bourses on the back of its improving financial performance. Earlier today, Zomato shares touched INR 280 on the BSE after global brokerage firm UBS raised its price target for the stock to INR 320 from INR 260 earlier.
The Deepinder Goyal-led startup posted a net profit of INR 253 Cr in the first quarter of the ongoing fiscal year, a multifold jump from the net profit of INR 2 Cr it reported in its maiden profitable quarter in Q1 FY24.
Revenue from operations jumped 74% to INR 4,206 Cr in Q1 FY25 from INR 2,416 Cr in the corresponding quarter last year. Operating revenue rose 18% from INR 3,562 Cr in Q4 FY24.
Zomato also said that it would launch a new app ‘District’ for its going-out business to shore up its revenue.
The June quarter of 2024 was the fifth consecutive profitable quarter for Zomato. As a result, the startup’s share price has almost tripled over the last 12 months.