Amidst a notable surge in Zomato‘s share prices, China’s Ant Group‘s arm, Antfin Singapore Holdings, is reportedly considering selling off up to a 2% stake in the foodtech giant.
According to a CNBC-Awaaz report, the investor aims to sell 17.64 crore shares in a block deal at a price of INR 159.4 per share. This would value the entire transaction at INR 2,800 crore.
As per Zomato’s shareholding pattern at the end of December quarter of 2023, Antfin Singapore held a 6.42% stake in the Deepinder Goyal-led company.
The latest development comes after Zomato shares surged to an all-time high of INR 175.5 during intraday trading on Monday (March 4). While the stock has been on an uptrend since April 2023, it received a major boost after the foodtech major reported its third consecutive profitable quarter in Q3 FY24.
Continue Exploring: Zomato’s shares reach record high of INR 175.5 amidst bullish market sentiment
In the December quarter of 2023, the startup witnessed a remarkable 283% quarter-on-quarter surge in consolidated profit after tax (PAT), reaching INR 138 crore. Furthermore, operating revenue rose from INR 2,848 crore in Q2 FY24 to INR 3,288 crore.
After the release of the results, brokerage firms such as Jefferies, Nuvama, and Kotak increased their price targets (PT) for Zomato stock.
Continue Exploring: Zomato reports third consecutive profitable quarter with INR 138 Cr PAT in Q3 FY24
With its strengthening financials, Zomato’s shares have surged over threefold in the past year and are currently trading nearly 35% higher year to date. Consequently, several major investors have been divesting their holdings in the company in recent months to capitalize on profits.
In December, SoftBank sold 9.35 crore shares of the foodtech giant Zomato in a block deal valued at INR 1,127 crore. Following this, in January, Societe Generale divested over 86.5 lakh shares of Zomato in a block deal. Additionally, Motilal Oswal Mutual Fund disposed of 4.5 crore shares of Zomato through an open market transaction in the same month.
Zomato’s shares concluded yesterday’s trading session at INR 166.05 on the BSE, marking a decrease of 2.18%.
Continue Exploring: Zomato’s strong Q3 performance spurs brokerage firms to boost price targets; Blinkit expansion drives optimism
