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About 21 Crore Shares Of Zomato Sold In Block Deal, Antfin Singapore Likely Slashed Stake: Report
The block deal included nearly 21 crore shares and the price of the deal indicated a discount of almost 2 per cent over the last closing price of the stock of the food delivery firm
![About 21 Crore Shares Of Zomato Sold In Block Deal, Antfin Singapore Likely Slashed Stake: Report About 21 Crore Shares Of Zomato Sold In Block Deal, Antfin Singapore Likely Slashed Stake: Report About 21 Crore Shares Of Zomato Sold In Block Deal, Antfin Singapore Likely Slashed Stake: Report](https://feeds.abplive.com/onecms/images/uploaded-images/2024/08/20/4116424f8749cb79c461e7cffb71bf8c1724136121498800_original.jpg?impolicy=abp_cdn&imwidth=1200&height=675)
Food delivery company, Zomato’s shares amounting to a stake of 2.4 per cent in the food aggregator were sold in a block deal on August 20. The firm’s shares worth Rs 5,438.50 crore were sold in the deal at a floor price of Rs 258 per share.
The block deal included nearly 21 crore shares and the price of the deal indicated a discount of almost 2 per cent over the last closing price of the stock of the food delivery firm, reported Moneycontrol.
Antfin Singapore is a subsidiary entity of Alibaba Group. It was reportedly looking into diluting its stake by 2 per cent in Zomato. This would come up to 18.5 crore shares, worth $556 million, the report by CNBC-TV18 stated.
ABP LIVE couldn’t independently verify the details of the block deal and the stake dilution reports.
Antfin controlled a stake of 4.3 per cent in Zomato, as of June 30, 2024, official exchange data revealed. However, the firm was reportedly looking into offloading half of its stake in the company.
The reports stated that on conclusion of the deal, Antfin’s share in the company would reduce to 2.76 per cent. Notably, Zomato clocked strong earnings in its latest financial results for the first quarter in the current 2024-25 fiscal year (FY25). The company recorded a net profit of Rs 253 crore, gaining 126.5 times as compared to the same period last year.
On Tuesday, Zomato began trading in the stock market at Rs 261.55 per share on the BSE. as of 12:07 PM, the company’ shares stood at Rs 263.20 apiece.
The block deal on Tuesday triggered the 90-day lockup period for Antfin, if it has executed the stake dump. This will prevent the entity from further diluting its stake in the food aggregator during the stipulated time period.
Notably, Zomato recently hiked the platform fees charged to consumers, resulting in an increase in margins for the firm.
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