China’s Antfin sells Zomato stake worth US$341.5 million

CHINA’S Antfin sold a 2.1 per cent stake in Indian food delivery platform Zomato worth US$341.5 million on Wednesday (Mar 6), stock exchange data showed.

The stake sale comes amid tensions between Beijing and New Delhi over issues ranging from border disputes to India’s increasing scrutiny of Chinese businesses and investment.

Antfin, which held a 6.42 per cent stake in Zomato as of December-end, sold 176.4 million shares in the price range of 160.11 (S$2.59) to160.40 rupees each. About 56.8 million shares were bought by Morgan Stanley, the data showed, while details of the other buyers were not disclosed.

In November last year, China’s Alipay exited Zomato, offloading its entire 3.44 per cent stake in the Indian food delivery platform.

Zomato’s shares settled 2.6 per cent lower at 161.55 rupees on Wednesday.

Earlier this month, the shares hit a record high, aided partly by improving investor sentiment after stronger earnings in the third quarter.

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The shares more than doubled in 2023 and are up nearly 30.5 per cent so far in 2024. REUTERS