Alibaba Group’s Antfin Singapore sold shares worth Rs 4,772 crore ($570 million) in India. Zomato on Tuesday, cutting its stake in the food and grocery delivery platform by almost half to 2.2 percent, stock data showed.
Antfin, which had a 4.3 percent stake in Zomato As of June 30, it sold the shares in two separate block deals at Rs 257.46 and Rs 257.17 per share, both at a discount to the day’s closing price of Rs 263.12.
The sale marks Antfin’s second such divestment in the company this year. It sold a 2.1% stake in March, following border disputes between Beijing and New Delhi that led to increased scrutiny by India of Chinese companies and investments.
In 2023, China-based Ant Group’s Alipay sold its entire 3.44 percent stake in Zomato.
App-based delivery companies like Zomato and its rival Swiggy, which is about to go public, are attracting investor attention as India’s urban residents increasingly choose the convenience of ordering groceries and other household items online.
ZomatoShares of the company, which have more than doubled so far this year, closed up 0.4 percent on Tuesday.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.