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Zomato Executes Rs 5,438 Crore Block Deal for 21 Crore Shares

Rajeshwari R by Rajeshwari R
August 20, 2024
in Business
Reading Time: 2 mins read
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Zomato Executes Rs 5,438 Crore Block Deal for 21 Crore Shares

Zomato Executes Rs 5,438 Crore Block Deal for 21 Crore Shares

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Zomato Executes Block Deal of 21 Crore Shares Worth Rs 5,438.5 Crore

Mumbai: Online food delivery platform Zomato witnessed a significant block deal on Tuesday, involving the transfer of 21 crore shares, which equates to approximately 2.4 percent of the company’s equity, with a total value of Rs 5,438.5 crore. The transaction was executed at an average price of Rs 258 per share.

The block deal was reportedly conducted by Antfin Singapore. Following the deal, Zomato’s stock saw a slight dip, trading at Rs 259.58 per share during the morning session.

Antfin Singapore Holding, which previously owned a 4.24 percent stake in Zomato valued at nearly Rs 10,000 crore, has triggered a 90-day lock-in period as part of the stake sale agreement. This lock-in period will prevent Antfin from executing further equity sales in the short term.

Reports had earlier indicated that Antfin was looking to offload 1.54 percent of its shares in Zomato, amounting to approximately $408 million.

Zomato’s stock had recently surged by 12 percent following the company’s impressive Q1 results. For the April-June quarter (Q1 FY25), Zomato reported a dramatic 126-fold increase in net profit, reaching Rs 253 crore, up from Rs 2 crore in the same quarter last year. Additionally, the company achieved a 74 percent year-on-year revenue growth, totaling Rs 4,206 crore.

The company’s gross order value (GOV) for Q1 FY25 rose by 27 percent, reaching Rs 9,264 crore. In parallel, its quick commerce subsidiary, Blinkit, reported a substantial 130 percent increase in GOV, reaching Rs 4,923 crore compared to the previous year.

Zomato has set ambitious expansion goals for Blinkit, aiming to establish 1,000 stores by March 2025 and 2,000 by the end of 2026, with a focus on the top 10 cities, while maintaining profitability.

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