In an effort to collect about INR 34,000 million, Antfin Singapore Holding Pte. Ltd., a subsidiary of the Chinese corporation Alibaba Group, is expected to sell a 1.54% share in online meal delivery aggregator Zomato Limited through block agreements on August 20, 2024.
Antfin Selling Zomato Shares
The bankers Goldman Sachs and Morgan Stanley released a term sheet stating that Antfin Singapore is willing to sell 136 million shares at a floor price of INR 251.68 per share, which represents a 4% discount to the closing price on August 19, 2024. At the end of June 2024, Antfin owned 4.24% of Zomato. Zomato’s stock has increased 66% so far this year, while the Sensex has gained 11%. For roughly INR 28,280 million, Antfin sold a 2% share in Zomato on the open market in March.
Zomato’s Shareholding Data
The latest shareholding data available for Zomato shows that Antfin Singapore Holding owned a 4.3% share in the business. Antfin is prohibited from making any more equity transactions for 90 days following the sale. The sale of interest occurs just after Zomato released its outstanding quarterly profits report, showing a 126.5-fold increase in net profit to ₹253 crore for the April-June quarter over the same period last year.
Zomato’s Quarterly Performance
The rise in profits was assigned to elevated platform fees and enhanced operational profitability inside its Blinkit rapid commerce subsidiary. Zomato’s robust quarterly results and promising growth prospects in domains such as rapid commerce have sparked optimistic price goals, resulting in a 20% increase in the company’s shares in the last month. The stock has given investors significant gains as well, rising by about 200 percent in the last year and gaining 112 percent so far this year.
