Global investor Antfin Singapore, an arm of the Alibaba group, holds 4.3% stake or 37 crore shares in India’s top food aggregator Zomato. Amid the dream run in shares of Zomato on the back of improving financial performance, shares of Zomato today hit an high of Rs 280. Adding to the upbeat momentum, brokerage firm UBS today upped its target price for the stock to Rs 320 from Rs 260 earlier.
According to a report from CNBC-TV18, Antfin Singapore is likely to offload a 1.5% stake or shares worth Rs 3,422 crore in Zomato via a large block deal tomorrow, Tuesday, August 20. The block deal is likely to happen at a 4% discount from the CMP of Zomato shares, at Rs 251.68. This is Antfin’s second stake sale in Zomato this year. Earlier in March, Antfin sold 9.7 crore shares in Zomato, worth Rs 2,827 crore.
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Zomato