Antfin Singapore Holdings Pte, which is an arm of Chinese Ant Group, divested a 2.1% stake in the Indian food delivery platform Zomato through bulk deals on Wednesday, March 6, according to data available on BSE.
Antfin offloaded a total of 176.4 million shares of the company within the price range of ₹160.11 to ₹160.40 per share. The Chinese company held a 6.32% stake in the quick commerce services provider, as of December 2023.
On the other hand, Morgan Stanley acquired 56.8 million shares of Zomato at a price of ₹160.10 per share, the data revealed.
According to data available with the NSE, in December 2023, SoftBank’s venture capital fund SVF Growth (Singapore) PTE Ltd divested a 1.1 percent stake in the online food delivery service Zomato. The sale involved the offloading of 9,35,69,368 Zomato shares at an average price of ₹120.50.
This divestment follows similar actions taken by SVF Growth in previous months, including the sale of comparable shares in October 2023 at an average price of ₹111.20 and the divestment of 10,00,00,000 shares in August 2023 at an average price of ₹94.70.
In November 2023, Alipay Singapore Holding, a subsidiary of the Chinese e-commerce powerhouse Alibaba, divested its complete 3.44% equity stake, amounting to 29,60,73,993 shares, in the online food delivery platform through open market transactions, generating a sum of ₹3,337 crore.
Among the purchasers of Zomato shares were ICICI Prudential Life Insurance Company, Morgan Stanley, India Acorn ICAV, Société Générale, Government of Singapore, Monetary Authority of Singapore, Goldman Sachs (Singapore) Pte, Government Pension Fund Global, and Veritas Asset Management, among others.
Motilal Oswal Mutual Fund executed bulk deals in January, selling 4,50,00,000 Zomato shares at an average price of ₹138.15. By Tuesday, the shares of Zomato on the BSE had settled at ₹166.05, indicating a decline of 2.18 percent.
Brokerage firm Jefferies said, “We value Zomato food delivery at 50x Mar’26 Ebitda and Blinkit at 9 times March 2026 sales, which is at a steep premium to global and regional peers, but India consumer staples and discretionary also trade at 2-3x of their global peers. Strong growth an improving profitability justify the premium valuations,” with a price target of ₹205 on the Zomato stock.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 06 Mar 2024, 09:01 PM IST