Antfin Singapore Holding Pte. will sell its stake in Zomato Ltd. for $408 million, according to Bloomberg.
The firm had a 4.24% stake in the food delivery company as of June 2024.
A total of 13.6 crore shares will be sold at a floor price of Rs 251.68 apiece, amounting to Rs 3,422 crore as the total deal value, the report added.
The shares will be sold at a 4% discount to the current market price, with a 90-day lockup period for the sellers, according to Bloomberg data.
It was also reported that Goldman Sachs Group Inc. and Morgan Stanley would be the placement agents.
UBS Ratings upgraded the firm's target price to Rs 320 per share from Rs 260 apiece.
"Shares of Zomato Ltd. gained over 6% on Monday after UBS raised the target price while reiterating a 'buy' rating, citing strong first-quarter results and guidance," NDTV Profit reported. Its shares had risen to 6.23% to hit a record high of Rs 280.9 apiece on the NSE.
Shares of Zomato fell 0.85%, or 2.26 points, to Rs 262.17 apiece on the NSE. This compares to a 0.13% rise in the NSE Nifty 50.
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