According to CNBC-Awaaz on Tuesday, Ant Group’s affiliate in China, Antfin Singapore Holdings Pte, is expected to sell up to 17.64 crore shares, or up to 2% of Zomato’s market value, for ₹2,800 crore in a block sale.
According to the report, the floor price for the block offer has been set at ₹159.4 per share, which is 4% less than the current market price of Zomato stock.
On Tuesday, Zomato’s shares ended the day 1.8% lower at ₹166.8 on the BSE.
Zomato’s stock reached a new high on Friday, rising over 5% to ₹173.5, as increased profitability opens the door for further expansion.
Due to the consistent performance of its main business and the rapid growth of fast commerce, Zomato achieved a consolidated net profit of ₹138 crore for the third quarter that concluded on December 31, 2023.
The total cost came to ₹3,383 crore, which was more than previous quarter. In the same period last year, it was valued at ₹2,485 crore.
“At this point, we expect GOV to continue growing at 20 per cent-plus YoY, and perhaps accelerate further if we see more than expected market share gains and revival in macro consumer demand,” Deepinder Goyal, managing director & CEO at Zomato mentioned.
Zomato reported ₹2,025 crore in adjusted revenue for its meal delivery operations during the third quarter of FY24. It was valued at ₹1,565 crore one year prior.
