Zomato's 2.14% Equity Changes Hands As Post-Blinkit Deal Lock-In Ends; Shares Rise
Investors that received Zomato shares as part of Blinkit acquisition are free to trade starting Aug. 28.
Zomato Ltd.'s 2.14% equity changed hands in eight large trades on Monday after the lock-in period following the Blinkit acquisition ended on Aug. 25.
As many as 18.4 crore shares changed hands in a price band of Rs 92.20 to Rs 94.00, according to Bloomberg data on large trades. The buyers and sellers were not known immediately.
The investors to whom the lock-in period applied included Japanese tech giant SoftBank and venture capital investors Tiger Global and Peak XV (formerly known as Sequoia India). Of the three, SoftBank currently holds a 3.55% stake in Zomato, which at the time of the deal had an implied share value of Rs 70.76 per share.
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Shares of the company rose as much as 5.60% before paring gains to trade 2.25% higher at Rs 93.05 apiece at 10:37 a.m. compared to a 0.27% advance in Nifty 50.
The total traded quantity so far in the day stood at 6.7 times the 30-day average volume. The stock's relative strength index stands at 60, indicating that the stock is neither overbought nor oversold.
Of the 27 analysts tracking the stock, 23 maintain a 'buy' and four suggest a 'sell', according to Bloomberg data. The average of 12-month price estimate indicates a 10.2% upside.
