Zomato Block Deal: Public Shareholder Offloads Stake For Rs 120 Crore

A public shareholder of Zomato Ltd. sold a 0.06% stake in the company for Rs 119.8 crore through an open market transaction on Friday.

Kadensa Master Fund offloaded 60.07 lakh shares, while Goldman Sachs (Singapore) Pte-ODI mopped up the same quantity of shares at 199.5 apiece, according to data on the BSE.

The company's market cap at the end of Friday's trading session was at Rs 1.94 lakh crore.

On March 26, companies, including Zomato and Jio Financial Services Ltd., replaced Britannia Industries Ltd. and Bharat Petroleum Corp. during the semi-annual rejig in the NSE Nifty 50.

Zomato is expected to receive fresh inflows of $391 million or Rs 3,351 crore, while Jio Finance is projected to gain cumulative inflows of Rs 1,714 crore or $200 million from passive funds, according to Nuvama Alternative and Quantitative Research.

The company's net profit slipped 66% to Rs 59 crore in the October–December quarter, while revenue rose 13% to Rs 5,045 crore.

Shares of Zomato closed 2.22% lower at Rs 201.70 apiece on the National Stock Exchange, compared to a 0.31% decline in the benchmark Nifty. The stock has risen 10.76% in the last 12 months but declined 27.46% on a year-to-date basis.

Out of the 30 analysts tracking the company, 24 have a 'buy' rating on the stock, two recommend 'hold' and four suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 40.5%.

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