Zomato block deal: 3.4% equity worth Rs 3,326.4 crore changes hands; Alipay likely seller

The Alibaba Group owns a 9.83 percent stake in Zomato through its two affiliates — Antfin Singapore Holding Pte and Alipay Singapore Holding Pte

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A block deal involving around 29.7 crore shares of Zomato, making up a 3.4 percent stake changed hands on the exchanges at a floor price of Rs 112 per share on November 29, reflecting a one percent discount to the stock’s Tuesday closing price of Rs 113.80. The total value of the transaction was Rs 3,326.4 crore.

Post the deal, shares of Zomato opened with marginal gains and at 09.19 am, were trading over 1 percent higher at Rs 115.05 on the NSE.

While Moneycontrol could not immediately ascertain the parties involved in the transaction, CNBC-TV18 had reported that China-based Alibaba Group’s Alipay was looking to sell a stake in the Gurugram-based company.

As per the report, Alipay was looking to offload a 3.4 percent stake in the food delivery player at a floor price of Rs 111.28 apiece. Moreover, as per the report, a 90-day lock-in period for any further share deals will also come into effect after the stake sale by Alipay.

The Alibaba Group owns a 9.83 percent stake in Zomato through its two affiliates — Antfin Singapore Holding Pte and Alipay Singapore Holding Pte, as per the company’s shareholding data at the end of the September quarter.

In recent months, Japanese private equity firm SoftBank has also offloaded much of its stake in the food aggregator. The firm sold a 1.1 percent stake in Zomato in the open market in mid-October.

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Zomato recorded a second straight quarter of net profit in July-September. Its net profit came in at Rs 36 crore on the back of a 71 percent surge in its revenue.

Buoyed by the company’s improving prospects, shares of Zomato have also surged over 91 percent year-to-date.

Also Read | Alipay likely to sell 3.4% stake in Zomato via block deal

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