Block deal: Zomato shares in focus as Antfin may sell 2% stake today. Key details

Zomato Ltd shares would be in focus on Wednesday morning amid a media report that suggested that a shareholder Antfin Singapore Holdings Pte, which is an arm of Chinese Ant Group, was looking to offload up to 2 per cent stake or 17.64 crore shares in Zomato for Rs 2,800 crore through a block deal today.

The floor price for the block deal, as per a CNBC-Awaaz report, has been fixed at Rs 159.40 per share, suggesting a 4 per cent discount to the prevailing market price of Zomato.

In December 2023, SoftBank’s venture capital fund SVF Growth (Singapore) PTE Ltd sold exited Zomato by selling 1.1 per cent stake in the online food delivery. SVF Growth offloaded 9,35,69,368 Zomato shares at an average price of Rs 120.50. It sold a similar shares in October 2023 at an average price of Rs 111.20 and 10,00,00,000 shares in August 2023 at an average price of Rs 94.70, data available with NSE suggested.

Also in November 2023, Alipay Singapore Holding, the arm of Chinese e-commerce giant Alibaba, sold its entire 3.44 per cent stake, or 29,60,73,993 shares, in the online food delivery aggregator for Rs 3,337 crore through open marketAuthority of Singapore, Goldman Sachs (Singapore) Pte, Government Pension Fund Global and Veritas Asset Management, among others were the buyers of shares of Zomato.

In January this year, Motilal Oswal Mutual Fund sold 4,50,00,000 Zomato shares in bulk deals at an average price of Rs 138.15. On Tuesday, Zomato shares settled at Rs 166.05 on BSE, down 2.18 per cent.

Zomato turned PAT positive in Q1FY24, way earlier than guidance. Improving profitability across both food delivery and quick commerce should continue to drive sharp earnings growth, analysts said.