Motilal Oswal Mutual Fund Divests Stake in Zomato for Rs 646 Crore

Motilal Oswal Mutual Fund sold its stake in Zomato for Rs 646 crore. The fund divested more than 2.84 crore shares at an average price of Rs 226.85. Major buyers included Axis Mutual Fund and Goldman Sachs. Following the sale, Zomato's shares dropped 4.71% to Rs 218.35 on the NSE.

In a notable development on Tuesday, Motilal Oswal Mutual Fund divested its stake in online food delivery company Zomato for a substantial Rs 646 crore via an open market transaction.

Block deal data from the National Stock Exchange (NSE) indicates that Motilal Oswal Mutual Fund sold more than 2.84 crore shares, constituting a 0.3 percent stake in the Gurugram-based company, at an average price of Rs 226.85 each. This transaction brought the total value to Rs 645.84 crore.

Prominent buyers in this deal included Axis Mutual Fund, BNP Paribas Arbitrage, Citigroup Global Markets Mauritius, Goldman Sachs, Matthews Asia, Morgan Stanley, Hong Kong-based Optimas Capital Management, and investment management firm Polar Capital. Following the sale, Zomato's shares saw a decline, closing at Rs 218.35 on NSE, a 4.71 percent drop.

(With inputs from agencies.)