Zomato Block Deal: Antfin Singapore Offloads $408 Mn in Shares
Antfin Singapore's Strategic Sale of Zomato Shares
In a significant Zomato block deal, Antfin Singapore Holding Pte Ltd. has offloaded shares worth $408 million on August 20. This transaction involved nearly half of its investment in the foodtech giant, with 18.54 Lakh shares sold across two tranches. The market reaction was positive, evident as Zomato's shares closed 0.27% higher at INR 263 on the BSE.
Overview of Antfin's Stake Reduction
- Antfin sold 9.27 Lakh shares at INR 257.46 and another 9.27 Lakh at INR 257.17.
- These transactions coincide with Zomato's share price rally, recently boosted by improved financial results.
- The sale follows Antfin's earlier stake reduction of 9.7 Cr shares in March.
Antfin, which currently holds a 4.3% stake, marked its second sell-off this year as it attempts to realize profits amid Zomato's bullish trajectory. UBS's recent price target increase to INR 320 further emphasizes the growing investor confidence in Zomato.
Financial Performance and Future Outlook
- Zomato's net profit for Q1 FY25 surged to INR 253 Cr, a significant rise from the previous year.
- Revenue from operations skyrocketed to INR 4,206 Cr, marking a 74% increase year-on-year.
- Zomato's stock price has nearly tripled over the last year.
To bolster revenue streams, Zomato plans to launch its new app, District, targeting its expanding going-out business.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.