Internet Fund III Pte Ltd, a venture capital fund managed by Tiger Global Management, a US-based investment management company, has successfully completed the sale of its remaining stake in Zomato Ltd through a bulk deal on the Bombay Stock Exchange (BSE). The stake sale represents a significant move in the investment landscape.
The US-based venture capital fund divested a total of 123,486,408 equity shares of Zomato, accounting for approximately 1.44% of the company’s shares. The shares were sold at an average price of ₹91.01 per share.
As of June 30, Internet Fund III Pte Ltd held a 1.44% stake in Zomato Ltd. Over the past year, specifically between July 25 and August 2, the hedge fund from New York, Tiger Global Management, had previously sold over 18.4 crore shares, equivalent to 2.34% of Zomato’s shares, through open market transactions.
Following the recent stake sale, Zomato’s share price closed 1.53% higher at ₹92.33 apiece on the BSE.
The move by Tiger Global Management’s venture capital fund to divest its stake in Zomato showcases the dynamic nature of investment decisions in the equity market, impacting the financial landscape for both the company and the investors involved.
