Explorer

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

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.

Also Read : Gold Prices Reach Historic High In Bangladesh; Dhaka Stock Exchange Rebounds

View More
Advertisement
IOI
Don't Miss Out
24
Hours
38
Minutes
57
Seconds
Advertisement
Thu Feb 20, 8:51 am
connaught place
23.6°
Precipitation: 0 mm    Humidity: 53%   Wind: SE 17.7 km/h
See Today's Weather
Powered By:
Accu Weather
Advertisement

Top Headlines

'PM Modi, Amit Shah Made Midnight Decision': Rahul Gandhi Shares Dissent Note On CEC Appointment
'PM Modi, Amit Shah Made Midnight Decision': Rahul Gandhi Shares Dissent Note On CEC Appointment
Fadnavis Vs Shinde: Security Of 20 Shiv Sena MLAs In Maharashtra Downgraded To One Constable
Fadnavis Vs Shinde: Security Of 20 Shiv Sena MLAs In Maharashtra Downgraded To One Constable
'Daughters And Sisters Will Feel Ashamed': Supreme Court Top Quotes In Ranveer Allahbadia Case
'Daughters And Sisters Will Feel Ashamed': SC Top Quotes In Ranveer Allahbadia Case
3 Stages, Kailash Kher And Invitation To Ladli Behen — BJP Gears Up For Delhi CM's Oath Ceremony
3 Stages, Kailash Kher, And Invitation To Ladli Behen — BJP Gears Up For Delhi CM's Oath Ceremony
Advertisement
ABP Premium

Videos

India's Got Latent Row: Samay Raina, Apoorva Mukhija to Appear Before NCWNew Delhi Stampede: Railway Takes Major Step After Stampede at StationDelhi Breaking: Railway Takes Action After Stampede, Platform Ticket Sales Halted at New Delhi StationPrayagraj Breaking: Rising Crowd Forces Railway to Shut Sangam Station Until Further Notice

Photo Gallery

Embed widget

We use cookies to improve your experience, analyze traffic, and personalize content. By clicking "Allow All Cookies", you agree to our use of cookies.