Tiger Global Management’s venture capital fund, Internet Fund III Pte Ltd, has completed the sale of its remaining stake in Zomato Ltd through a bulk deal on the Bombay Stock Exchange (BSE), as per the latest bourse data. The US-based fund offloaded 123,486,408 equity shares, equivalent to 1.44%, at an average price of ₹91.01 per share. This move follows a series of transactions over the past year, during which Tiger Global Management gradually reduced its Zomato stake. As of June 30, the fund held 1.44% in Zomato.
The divestment of Tiger Global’s stake in Zomato has been part of a broader trend in the market. During the past year, from July 25 to August 2, the New York-based fund sold over 18.4 crore shares, representing 2.34% of Zomato’s total shares, on the open market. Other notable investors who participated in Zomato share transactions include Axis Mutual Fund, SBI Life Insurance Company, ICICI Prudential Life Insurance Company, Founders Collective Fund, Morgan Stanley Asia Singapore, and Societe Generale.
The value of Zomato shares, post these transactions, has remained in focus. On Monday, the closing price of Zomato shares on the BSE stood at ₹92.33 apiece, reflecting a 1.53% increase. These movements reflect the changing landscape of the investment market, with various entities reevaluating their stakes in companies based on market trends and business performance.
Meanwhile, in a separate set of bulk deals, Star Health and Allied Insurance Company Ltd experienced changes in its shareholding structure. Notably, foreign investors Mio IV Star and University of Notre Dame Du LAC both divested portions of their stakes, while entities like Fidelity Investment Trust Fidelity Series Emerging Markets Fund, Fiam Emerging Markets Opportunities Commingled Pool, and ICICI Prudential Life Insurance Company Ltd increased their holdings in Star Health and Allied Insurance Company.
This series of bulk deals highlights the evolving dynamics of the investment landscape, where investors and institutions recalibrate their portfolios to align with market shifts and strategic goals. Bulk deals, a trading mechanism involving substantial quantities of shares, play a pivotal role in shaping the ownership structure of companies in the market.