Tiger Global, DST Global Sell Stake In Zomato Worth Rs 1,412 Cr

Global investment giants Tiger Global and DST Global have offloaded a 1.8 per cent stake in the popular online food ordering platform, Zomato. The stake was sold for a total of Rs 1,412 crore through open market transactions. 

The shares were acquired by various notable entities, including Axis Mutual Fund, SBI Life Insurance Company, ICICI Prudential Life Insurance Company, Founders Collective Fund, Morgan Stanley Asia Singapore, and Societe Generale.

Tiger Global's affiliate, Internet Fund III Pte, and DST Global's investment vehicle, Apolleto Asia Ltd, executed the share sale on both the BSE and NSE. Tiger Global divested a substantial portion, offloading 123,486,408 shares amounting to a 1.44 per cent stake, while Apoletto Asia disposed of 31,980,447 shares, constituting around 0.4 per cent of Zomato's shareholding. 

The shares were sold within the price range of Rs 90.10 to Rs 91.01 per share, culminating in a combined transaction value of Rs 1,411.99 crore.

This move comes after Tiger Global had already reduced its stake in the company from 5.11 per cent to 2.77 per cent in August 2022, by selling over 18.45 crore shares through open market transactions.

On the trading day, Zomato's share price exhibited resilience, climbing 1.53 per cent to conclude at Rs 92.33 per share on the BSE, and rising by 1.48 per cent to close at Rs 92.35 per share on the NSE.

Interestingly, this development follows Zomato's recent announcement of its first-ever consolidated profit after tax of Rs 2 crore for the April-June quarter of the current fiscal year.