Antfin Singapore To Sell 1.54% Stake For $408 Mn In Zomato: Report
On Monday, Zomato's stock closed at Rs 263.24 per share on the NSE and Rs 262.30 on the Bombay Stock Exchange (BSE), down 0.83 per cent
Antfin Singapore Holding plans to sell 1.54 per cent stake in Zomato worth USD 408 million. According to a media report, the block deal's floor price is set at Rs 251.68 per share, which is a 4 per cent discount to Zomato's last closing price on the National Stock Exchange (NSE).
As of 30 June 2024, Antfin held a 4.3 per cent stake in Zomato, per exchange data. Antfin Singapore Holding Pte is a subsidiary of Ant Financial Group, a division of Alibaba.
On Monday, Zomato's stock closed at Rs 263.24 per share on the NSE and Rs 262.30 on the Bombay Stock Exchange (BSE), down 0.83 per cent.
Goldman Sachs and Morgan Stanley are the placement agents for the deal. Following the transaction, Antfin's stake in Zomato will decrease from 4.3 per cent to 2.76 per cent.
This move comes after Zomato's strong quarterly earnings, where its net profit surged 126.5 times to Rs 253 crore in the April-June period, driven by increased platform fees and improved profitability in its quick commerce arm, Blinkit. Zomato's stock has provided a 110.68 per cent return in 2024 and surged 327.20 per cent over the past two years, per BSE data.
