Antfin Singapore sells Zomato shares worth Rs 4,771 crore via block deals
Zomato shares worth Rs 4,771 crore via block deals on Tuesday. The stake sale which involved selling of over 18.54 crore shares was done in two block counts of 9.27 crore shares each.
The shares were sold at a price of Rs 257.46 and Rs 257.17 which was at a premium of 2.3% over the floor price of Rs 251.68, ET Now had reported on Monday quoting agencies.
While the stock fell initially, it ended at Rs 263.20 on the NSE, gaining by Rs 1.03 or 0.39% over the Monday closing price.
As on June 30, 2024, Antfin Singapore had held a 4.3% stake in the food delivery platform.
Earlier, ET had reported that Antfin Singapore was likely to sell shares in Zomato worth $408 million at floor price of Rs 251.68 per share.
On Monday, Zomato shares jumped 6% on an intraday basis following a raise in target price by global brokerage firm UBS from Rs 260 to Rs 320.
«We increase our GMV estimates for food delivery (+2-3%) and quick commerce (+20-30%) for FY26-28e following the strong Q1 and solid guidance. Our adj EBITDA estimates for the next 1-2 years are up only slightly as investments in building supply for quick commerce will likely result in a more modest margin trajectory,» UBS said in a note while maintaining buy call.
The brokerage said it has also increased employee cost estimates to reflect investments in manpower.
Among some prominent brokerages, CLSA has the highest target price on Zomato — Rs 350. On the other hand, Motilal's target is at Rs 300, Nomura Rs 280 and Bernstein Rs 275. In the June quarter, Zomato
