Zomato Block Deal: Antfin Singapore increases stake sale, to sell shares worth $556 million now

Antfin Singapore to sell shares worth $556 million now against $408 million planned earlier

Originally planning to sell a 1.54% stake worth $408 million, the company now aims to offload a 2% stake, amounting to $556 million.

Current Stake: Antfin Singapore holds 4.3% of Zomato, translating to around 37 crore shares.
Stock Performance: Zomato shares recently hit a high of ₹280 due to improving financial results.
New Target Price: Brokerage firm UBS has raised its target price for Zomato from ₹260 to ₹320.

Sale Price: The block deal is expected to occur at a 4% discount from the current market price, around ₹251.68 per share. At the floor price, the block deal is likely to be valued at $556 million or ₹4,650 crore.
Previous Sale: This is Antfin’s second stake sale in Zomato this year. In March, the company sold 9.7 crore shares, earning ₹2,827 crore.

The selling shareholder will be subject to a 90-day lock-in period before they can sell any additional shares.

Morgan Stanley and Goldman Sachs are reportedly acting as the placement agents for this block deal.