Zomato shares rise after Tiger Global offloads 1.44% stake via block deal

Shares of Zomato were trading higher by 1.69 per cent at Rs 93.89 in early morning trading on Tuesday.

Tiger Global announced that it was exiting the foodtech giant by selling 12.24 crore shares, or 1.44 per cent stake, via open market transactions. Photo: Reuters

Shares of Zomato are trading higher by 1.69 per cent at Rs 93.89 in early morning trading on Tuesday a day after investment firm Tiger Global announced that it was exiting the foodtech giant by selling 12.24 crore shares, 1.44 per cent stake, worth Rs 1,123.85 crore, via open market transactions. The average price of the share for the deal was Rs 91.01.

Tiger Global had also sold more than 18.4 crore shares, or 2.34 per cent stake, in the food delivery company in an open market deal.

The companies that lapped up the sold shares are SBI Life Insurance Company, Axis Mutual Fund, ICICI Prudential Life Insurance Company, Morgan Stanley Asia Singapore, Founders Collective Fund, and Societe Generale.

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Zomato hit the headlines early this month when it reported its first-ever quarterly profit of Rs 2 crore in the April-June period.

The company's share has risen 11.83 per cent in the last month, while it has soared 75.79 per cent in the last six months. The headline Nifty 50, meanwhile, has slid 2.09 per cent in the last month and jumped 11.77 per cent in the last six-month period.

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