Antfin Singapore Holding, an arm of Alibaba Group, is planning to offload 2 percent stake or 18.5 crore shares in the online food delivery platform Zomato, worth $556 million (Rs 4,650 crore), through block deals, reported CNBC-TV18 on August 19.
Earlier, it was reported that the firm was planning to offload 1.54 percent shares worth $408 million.
The floor price for the block deals has been fixed at Rs 251.68 per share which is a 4 percent discount to the stock's last close on the National Stock Exchange (NSE), the channel reported.
Antfin had 4.3 percent stake in Zomato as of June 30, 2024, showed the exchange data.
On Monday, Zomato share price settled at Rs 263.24 per share on the National Stock Exchange (NSE). On Bombay Stock Exchange (BSE), it closed at Rs 262.30, down by 0.83 percent.
Goldman Sachs and Morgan Stanley are the placement agents of the deal, reported Bloomberg, adding that Antfin Singapore Holding will sell up to 13.6 crore Zomato shares with a 90-day lockup.
After the latest transaction, if it goes through, Antfin Singapore Holding Pte's shareholding will reduce to a 2.76 percent stake in Zomato from a 4.3 percent stake (as of June 2024) in the company.
The move follows Zomato's strong quarterly earnings report where its net profit jumped 126.5 times to hit Rs 253 crore in the April-June quarter, compared to the year ago period, even as the food aggregator hiked platform fees charged to consumers and saw an improvement in the operational profitability of its quick commerce arm Blinkit.
The counter has delivered multibagger returns of 110.68 per cent in 2024 so far according to the data available on the BSE.
In the last two years, it moved higher by 327.20 percent, as per BSE data.
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