Antfin Singapore Offloads 2% Stake In Zomato For ₹2,827 Cr Through Block Deal

Antfin Singapore Offloads 2% Stake In Zomato For ₹2,827 Cr Through Block Deal

Morgan Stanley Asia (Singapore) Pte made a move by acquiring 0.65 per cent of Zomato shares.

Oliviya KunjumonUpdated: Thursday, March 07, 2024, 12:29 PM IST
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Zomato Shares Jump Over 5%; Touch 52-Week High Level After December Quarter Earnings | Image credit: Wikipedia (Representative)

The shares of the online food delivery platform Zomato on Thursday at 11:56 am IST on BSE were trading on a positive note at 163 points, up by 1.25 percent. However, on Wednesday, amid the block deal report, the shares of the company experienced a 2.68 per cent dip, settling at Rs 161.60 apiece on the BSE.

Antfin Singapore Divests 2.02 per cent Stake in Zomato

Antfin Singapore Holding, affiliated with Alibaba's Ant Financial Group, divested a 2.02 per cent stake in Zomato, valued at Rs 2,827.08 crore on Wednesday. This move brought down their ownership from 6.32 per cent to 4.3 per cent. Meanwhile, Morgan Stanley Asia (Singapore) Pte increased its stake in Zomato by acquiring 0.65 per cent of shares.

Morgan Stanley Asia (Singapore) Pte made a move by acquiring 0.65 per cent of Zomato shares, totaling Rs 5.68 crore, at an average price of Rs 160.10 apiece. This transaction amounted to Rs 909.55 crore.

Zomato's Financial Performance

Zomato's financial report for the third quarter ending December 31, 2023, reported a consolidated net profit of Rs 138 crore, a turnaround from the Rs 347 crore loss in the same quarter the previous fiscal year. The company's consolidated revenue from operations also surged, reaching Rs 3,288 crore, compared to Rs 1,948 crore in the corresponding period a year ago.

Strategic Shifts in Ownership

The move by Antfin Singapore Holding follows a trend set by Alibaba's involvement in Zomato. In November of the previous year, Alipay Singapore Holding, an arm of Alibaba, divested its entire 3.44 per cent stake in Zomato for Rs 3,337 crore.

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