In early trading on March 6, Zomato shares experienced a 4 percent decline following a substantial block deal worth Rs 3,112 crore, involving approximately 19 crore shares, representing a 2.1 percent stake in the food aggregator. The transaction occurred at an average price of Rs 160 per share, reflecting a 3.5 percent discount compared to the previous closing price.
By 09:20 am, Zomato shares were observed trading at Rs 160.80 on the National Stock Exchange (NSE).
While the specific parties involved in the transaction were not immediately identified by Moneycontrol, CNBC-TV18 disclosed on March 5 that Ant Group’s subsidiary, Antfin Singapore Holdings Pte, was purportedly seeking to divest up to a 2 percent stake in the food and grocery delivery platform.
According to the report, the floor price for the block deal was anticipated to be around Rs 159.4 per share, potentially amounting to a total transaction value nearing Rs 2,800 crore.
As per the company’s latest shareholding data, Antfin Singapore Holdings Pte currently holds a 6.42 percent stake in Zomato. Following the stake sale, Antfin’s ownership in Zomato will reduce to 4.32 percent.
This block deal occurs amidst a favorable sentiment surrounding the food-delivery platform. Zomato’s stock reached a historic peak on March 4, driven by improving profitability and a robust growth outlook.
Over the past three months, the stock has surged by over 42 percent, positioning Zomato as the most valuable new-age tech stock with a market capitalization of Rs 1.46 lakh crore.
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