Jobaaj Stories
Tiger Global Management's venture capital fund, Internet Fund III Pte Ltd, has successfully divested its entire shareholding in the prominent food delivery giant, Zomato. The exit was executed through open market transactions on August 28, amounting to a considerable sum of Rs 1,123.85 crore.
In this move, the Internet Fund shed 12.34 crore shares, equivalent to a 1.44 percent stake in Zomato, based on data from bulk deals available on stock exchanges. These shares were sold at an average rate of Rs 91.01 per share. Interestingly, the stock managed to make gains of 1.5 percent during the day, closing at Rs 92.35.
Another company in the spotlight on that day was Star Health and Allied Insurance Company. The trading session witnessed a significant exchange of shares, with over three percent changing hands through block deals. As a result, the stock saw a modest increase of 0.16 percent, reaching Rs 611.15.
A notable development came from ICICI Prudential Life and Fidelity, who jointly acquired a 3.35 percent stake in the health insurance company backed by the late Rakesh Jhunjhunwala, a prominent figure in the investment world. ICICI Prudential Life Insurance Company procured 39 lakh shares, while Fidelity Investment Trust Fidelity Series Emerging Markets Fund purchased 1.23 crore shares. Additionally, FGTFEBP: FIAM Emerging Markets Opportunities Commingled Pool secured 32.45 lakh shares in Star Health. The average price at which these shares were purchased was Rs 610.20 per share. Notably, FIAM refers to Fidelity Institutional Asset Management.
However, foreign investors Mio IV Star and the University of Notre Dame acted as sellers in this transaction, relinquishing their holdings in Star Health by a total of 3.4 percent. Mio IV Star sold 34.02 lakh shares at an average price of Rs 610.20 per share, while the University of Notre Dame DU LAC offloaded 1.66 crore shares at an average price of Rs 610.22 per share.
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