Tiger Global Management offloads Rs 1,123.85 cr shares in Zomato, exits startup

Tiger Global Management offloads Rs 1,123.85 cr shares in Zomato, exits startup

The internet fund sold 12.34 crore shares or 1.44 percent stake in Zomato, as per bulk deals data available on exchanges

Sunil Shankar Matkar

August 29, 2023 / 06:22 AM IST

The shares were sold at an average price of Rs 91.01 per share. However, the stock climbed 1.5 percent to Rs 92.35 at the day’s closure.

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Internet Fund III Pte Ltd, the venture capital fund managed by US-based investment management company Tiger Global Management, has exited Zomato by selling its entire shareholding in the food delivery giant for Rs 1,123.85 crore, via open market transactions on August 28.

The internet fund sold 12.34 crore shares or 1.44 percent stake in Zomato, as per bulk deals data available on exchanges.

The shares were sold at an average price of Rs 91.01 per share. However, the stock climbed 1.5 percent to Rs 92.35 at the day’s closure.

Star Health and Allied Insurance Company was also in focus on Monday as more than three percent of shares exchanged hands via block deals. The stock rose 0.16 percent to Rs 611.15.

ICICI Prudential Life and Fidelity cumulatively picked a 3.35 percent shareholding in the Late big bull Rakesh Jhunjhunwala-backed health insurance company.

ICICI Prudential Life Insurance Company has bought 39 lakh shares, Fidelity Investment Trust Fidelity Series Emerging Markets Fund purchased 1.23 crore shares and FGTFEBP:FIAM Emerging Markets Opportunities Commingled Pool bought 32.45 lakh shares in Star Health. The average buying price was Rs 610.20 per share. FIAM is Fidelity Institutional Asset Management.

However, foreign investors Mio IV Star and the University of Notre Dame were the sellers in the deal, offloading 3.4 percent shares.

Mio IV Star has offloaded 34.02 lakh shares in Star Health at an average price of Rs 610.20 per share, and University of Notre Dame DU LAC sold 1.66 crore shares at an average price of Rs 610.22 per share.

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