Will Zomato see block deals today, March 6? Check here

China's Ant Group's arm Antfin Singapore Holdings Pte is likely to sell up to 2 per cent stake (176.4 million shares) in Zomato for Rs 2,800 crore through a block deal, reports suggested on March 5.

The floor price for the block deal has been fixed at Rs 159.4 per share, which represents a 4 per cent discount to current market price of Rs 166 on the BSE, the report added.

As of December end, AntFin Singapore Holding Pte Ltd held a 6.32 per cent stake in the quick commerce services provider. In November last year, Alipay Singapore Holdings, another entity of Ant Group had exited Zomato by selling a 3.4 per cent stake for more than Rs 3,300 crore.

The share sale comes amid a robust rally in the shares of the food aggregator, which have more-than-doubled investor wealth in the last one year.

Shares of the food delivery platform hit a record high of Rs 175 on Monday, becoming the most-valuable new-age tech stock in India, with a market capitalisation of Rs 1.4 trillion.

Operationally, Zomato reported its third consecutive quarter of consolidated net profit at Rs 138 crore in the third quarter (Q3) of 2023-24 (FY24), up from Rs 36 crore a quarter ago. 

The company had reported a loss of Rs 347 crore during the corresponding period last year. 

Zomato’s revenue from operations rose 69 per cent year-on-year (Y-o-Y) to Rs 3,288 crore in Q3, up from Rs 1,948 crore a year ago. It had reported revenue of Rs 2,848 crore in the previous quarter.

According to Bloomberg, analysts had pegged Zomato’s revenue at Rs 3,100 crore and net profit at Rs 84.54 crore for Q3FY24.