Food delivery aggregator Zomato Ltd. saw 29.7 crore shares or 3.4% of its outstanding equity exchange hands in a block deal. The shares exchanged hands at an average price of ₹112 apiece, taking the total transaction value to ₹3,326 crore, according to data available on the exchanges.

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Buyers and sellers in the transaction are unknown as of now. CNBC-TV18 reported on Thursday citing sources that Alipay, a unit of Jack Ma's Alibaba is looking to sell 29.6 crore shares or 3.4% of the company's overall equity in a block deal.

Through this block deal, Alipay looked to raise $395 million or ₹3,290 crore. Alipay planned on selling the shares at ₹111.28 per share. Post this transaction, there will be a 90-day lock-in period for the selling shareholder.

Zomato's shares have been outperformers over the last six months with the stock rising 70%. The stock has surged since the company delivered two consecutive quarters of quarterly profit.

As many as four analysts who track the stock expect the shares to cross its previous record high of ₹160 over the next 12 months.

Twenty-five out of the 29 analysts that track Zomato have a "buy" recommendation on the stock, while the other four have a "sell" rating. Shares of Zomato have opened 1% higher on Wednesday at ₹115. The stock has risen 90% so far in 2023.

First Published:Nov 29, 2023 9:04 AM IST