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Zomato’s 2% equity worth ₹5,438 Crore change hands

20 Aug 2024 , 10:12 AM

Zomato Ltd’s as much as 21 Crore shares changed hands. The total transaction is worth ₹5,438.5 Crore at an average price of ₹258 per share. This represents 2.4% of its equity.

Earlier, it was reported that Antfin Singapore was trying to sell 18.5 Crore, or 2% of Zomato’s total stock, in a block deal.

Antfin Singapore Holding Pte. Ltd. held a 4.24% stake in the firm as at the end of the June quarter. According to Monday’s closing price, Antfin’s stake in Zomato is worth about ₹10,000 Crore.

According to sources, the block deal’s floor price is ₹251.68 per share, a 4% decrease from Zomato’s closing price on Monday. The block deal was estimated to be worth $556 million (₹4,650 Crore) based on the floor price.

The selling shareholder would have a 90-day lock-in period for any additional share sales. Morgan Stanley and Goldman Sachs are believed to be the placement agents for this block sale.

Zomato’s net profit increased 126.5 times to ₹253 Crore in the April-June quarter (Q1) compared to the same period last year, despite the fact that the food aggregator increased platform fees charged to users and improved the operational profitability of its rapid commerce unit, Blinkit.

At around 9.58 AM, Zomato was trading 0.84% lower at ₹259.97 per piece, against the previous close of ₹262.17 on NSE. The counter touched an intraday high and low of ₹262, and ₹258.25, respectively.

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Related Tags

  • Zomato
  • Zomato block deal
  • Zomato Deal
  • Zomato news
  • Zomato Updates
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