According to Zomato’s most recent shareholding data, Antfin Singapore Holding held a 4.3 percent stake in the food delivery platform. The sale of this stake has initiated a 90-day lock-in period, preventing Antfin from executing another round of equity dilution during this time.
On August 20, shares of Zomato worth Rs 5,438.50 crore were sold in a block deal, which was later upsized. Antfin Singapore Holding, a subsidiary of the Alibaba Group, is believed to be the seller. In this transaction, 21 crore shares, representing a 2.4 percent stake in Zomato, changed hands at a floor price of Rs 258 per share, reflecting a nearly 2 percent discount from the stock’s previous closing price.
Following the block deal, Zomato’s shares reacted sharply, falling over 1 percent. By 09:21 am, the shares were trading at Rs 259.20 on the NSE. Although the parties involved in the transaction were not immediately clear, CNBC-TV18 reported on August 19 that Antfin Singapore Holding was looking to offload a 2 percent stake in Zomato, valuing it at $556 million (Rs 4,650 crore).
Earlier reports indicated that Antfin was planning to sell 1.54 percent of its shares, valued at $408 million. This stake sale comes shortly after Zomato’s quarterly earnings report, which showed a 126.5-fold increase in net profit to Rs 253 crore for the April-June quarter, compared to the same period last year. This surge in profits was driven by higher platform fees charged to consumers and improved operational profitability in its quick commerce division, Blinkit.
Additionally, Zomato’s strong quarterly performance and growth potential in areas like quick commerce have led to bullish price targets and a 20 percent increase in its shares over the past month. The stock has also delivered substantial returns to investors, with a 112 percent gain year-to-date and nearly 200 percent over the past year. Some brokerages, such as CLSA and UBS Securities, expect the stock to exceed the Rs 300 mark within the next 12 months, further enhancing investor returns.
Read More: Click here
