Zomato Witnesses Major Block Deal, Alipay Likely To Sell 29 Crore Shares

Zomato Ltd. witnessed a block deal involving the exchange of 29.7 crore shares, constituting 3.4 per cent of its total outstanding equity.

According to BSE data, as of the end of the September quarter, Alipay Singapore Holding Pte Ltd held 29,60,73,993 shares, representing a 3.44 per cent stake.

Numerous reports suggest that Alipay is expected to have conducted this significant block deal on the BSE on Wednesday, selling a minimum of 29 crore shares in Zomato at a rate of Rs 112 per share.

At 12:30 pm, the shares of Zomato were trading at Rs 118 price level, up by more than 4 points or 4 percent on the National Stock Exchange.

As other Chinese investors trim their interests in Indian companies, Alipay's departure from Zomato is in line with this trend. In August, China's Antfin sold a 10.3 per cent stake in the Indian financial giant Paytm.

For Q2FY24, Zomato posted a net profit of Rs 36 crore, marking a positive shift from the net loss of Rs 251 crore recorded in the same period the previous year. The online food delivery platform's revenue from operations for the second quarter of the current fiscal stood at Rs 2,848 crore, reflecting a 72 per cent increase compared to the Rs 1,661 crore reported in the corresponding period last year.

On a year-to-date basis, the shares of the online food delivery platform have soared to more than 95 per cent or 57 points on the National Stock Exchange.