- Thursday, September 12, 2024
By: Shajil Kumar
ANTFIN Singapore Holding on Tuesday divested a little over 2 per cent stake in online food delivery firm Zomato for ₹47.71 billion (£437 million) through open market transactions.
Antfin Singapore Holding Pte is an arm of Ant Financial Group, while the latter is a part of Chinese e-commerce giant Alibaba.
According to the bulk deal data available on the BSE, Antfin Singapore Holding sold 18,54,40,550 shares in two tranches, amounting to a 2.1 per cent stake in Gurugram-based Zomato.
The shares were disposed of in the price range of ₹257.17-257.46 apiece, taking the transaction value to ₹47.71 billion.
After the share sale, Antfin Singapore Holding’s stake has been reduced to 2.14 per cent from 4.24 per cent.
Details of buyers of Zomato’s shares could not be ascertained.
Shares of Zomato rose 0.27 per cent to close at ₹263 apiece on the BSE.
India’s PC market grows for fourth straight quarter: Report
In March this year, Antfin Singapore Holding pared a 2 per cent stake in Zomato for ₹28.27 billion (£258.95m).
Earlier this month, food delivery aggregator Zomato reported a multifold jump in consolidated net profit to ₹2.53 billion (£23.17m) for the April-June quarter of 2024-25 compared with ₹20 million (£183,194.93) in the year-ago period.
The company’s revenue from operations jumped more than 74 per cent to ₹42.06 billion (£385.26m) in the first quarter of this fiscal from ₹24.16 billion (£23.17m) in the April-June period of last year.
Its total expenses also rose to ₹42.03 billion (£384.98m) during the quarter under review, from ₹26.12 billion (£239.25m) a year ago.
The reporting segments for the group include the food ordering and delivery business, Hyperpure Supplies (B2B), its quick commerce offering Blinkit, the going out segment and all other residual segments. (PTI)
