Zomato shares up 3% amid block deal; stock logs Rs 3,360 cr turnover; Alipay likely seller

Shares of Zomato Ltd advanced 3 per cent in Wednesday's trade amid huge turnover. The scrip rose 3.03 per cent to Rs 117.25 level on BSE, as 29.82 crore shares changed hands on the counter, up 115 times over its two-week average volume of 25.87 shares. The turnover on the counter stood at Rs 3,360.64 crore; for NSE, turnover on the counter stood at Rs 337 crore in the first 15 minutes of trading.

A total of 29 crore shares changed hands in a block deal at Rs 112 per share on BSE, amounting to Rs 3,248 crore, a report by CNBC-TV18.  Alipay was the likely seller as a report by Reuters earlier suggested that the public shareholder in Zomato was looking to offload its entire 3.44 per cent stake in the listed company for about $400 million (or Rs 3,331.60 crore at rupee-dollar exchange rate of 83.29) via block deals.

Alipay Singapore Holding Pte Ltd owned 29,60,73,993 shares or 3.44 stake (3.5 per cent voting rights) in Zomato at the end of September quarter, as per data available with BSE.

Reuters had earlier the term sheet that suggested the Zomato block deals could be executed at Rs 111.28 per share, a 2.2 per cent discount to Tuesday closing price of Rs 113.80. Earlier in October, SoftBank had cut 1.1 per cent stake in Zomato for about Rs 1,040 crore. Morgan Stanley and Bank of America were believed to be the advisers on the Zomato deal. Zomato Ltd shares are about 90 per cent year-to-date.

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