NEW DELHI: Antfin Singapore is reportedly looking to sell Zomato shares worth $408 million or about Rs 3,400 crore. The arm of China’s Ant Group is likely to offload 13.6 crore shares, or a 1.54% stake, via block deal on Tuesday. The deal is likely to take place at a floor price of 251.68 per share, a discount of 4% from Monday’s closing price of Rs 262.3.
This would be the second time in 2024 that the Chinese investor is reducing its exposure in Zomato.
Antfin sold 9.7 crore shares of Zomato in March for Rs 2,827 crore. Antfin Singapore Holding held 37.38 Cr shares, or a 4.3% stake, in Zomato at the end of the June quarter of 2024, according to exchange data.
The fresh sale comes at a time when Zomato shares have been continuously hitting new highs on the bourses, supported by improved financial performance. The stock hit a high of Rs 280 on Monday after brokerage UBS raised its target to Rs 320 from Rs 260 earlier.
Analysts at UBS said Zomato surprised positively with not only stronger gross merchandise value growth in quick commerce but also a solid 27% growth in food delivery.