Zomato shares have dropped nearly 1% to ₹260.80 on the NSE following news that Antfin Singapore, an arm of Alibaba, is increasing the size of its block deal to sell a 2.2% stake in the food delivery aggregator.
Key Details of the Block Deal
- Block Deal Size: Antfin Singapore plans to offload 21 crore shares, which amounts to 2.2% of Zomato’s total equity.
- Floor Price: The floor price for the deal is set at ₹251.68 per share, representing a 4% discount from Monday’s closing price.
- Deal Valuation: At the floor price, the block deal is estimated to be worth ₹5,437.5 crore.
Background
As of the end of June, Antfin Singapore held a 4.24% stake in Zomato. With Zomato’s closing price on Monday, Antfin’s total stake was valued at nearly ₹10,000 crore.
Additional Information
- Lock-In Period: The selling shareholder will be subject to a 90-day lock-in period, restricting further sales of shares during this time.
- Placement Agents: Morgan Stanley and Goldman Sachs are overseeing the block deal as placement agents.
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Zomato