Antfin Singapore Holdings Pte, a subsidiary of the Chinese Ant Group, divested a 2.1% stake in the Indian food delivery platform Zomato through bulk deals on Wednesday, March 6, as per BSE data.
The divestment saw Antfin selling a total of 176.4 million shares of Zomato within the price range of ₹160.11 to ₹160.40 per share. As of December 2023, the Chinese company held a 6.32% stake in Zomato.
In contrast, Morgan Stanley acquired 56.8 million shares of Zomato at ₹160.10 per share, according to the data.
Additionally, SVF Growth (Singapore) PTE Ltd, a venture capital fund of SoftBank, divested a 1.1 percent stake in Zomato in December 2023. The sale involved 9,35,69,368 Zomato shares at an average price of ₹120.50 per share. SVF Growth had previously divested shares in October 2023 and August 2023.
Furthermore, Alipay Singapore Holding, a subsidiary of Alibaba, divested its entire 3.44% equity stake in Zomato in November 2023, selling 29,60,73,993 shares through open market transactions.
Among the purchasers of Zomato shares were ICICI Prudential Life Insurance Company, India Acorn ICAV, Société Générale, Government of Singapore, Monetary Authority of Singapore, and others. Motilal Oswal Mutual Fund executed bulk deals in January, selling 4,50,00,000 Zomato shares.
Zomato’s shares settled at ₹166.05 on the BSE by Tuesday, representing a 2.18 percent decline. Brokerage firm Jefferies has set a price target of ₹205 for Zomato stock, citing strong growth and improving profitability.
