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Bank of America arm acquires 82 lakh shares of Zomato parent Eternal in Rs 267 crore deal

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Sumit Vishwakarma
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Bank of America arm acquires 82 lakh shares of Zomato parent Eternal

BofA Securities Europe SA has acquired shares worth nearly Rs 267 crore in Eternal, the parent company of food delivery platform Zomato, through an open market transaction on October 1.

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The investment banking arm of Bank of America bought 82 lakh shares, equivalent to a 0.08% stake, at Rs 325.5 per share from Goldman Sachs Bank Europe SE.

Eternal’s stock rose more than 1% to close at Rs 329.45 on the NSE, extending an uptrend that began after the company surpassed its previous record high of Rs 305 in July.

The latest purchase follows a series of large trades in the company’s shares this year. In August, BNP Paribas acquired Eternal shares worth Rs 3,220 crore while offloading part of its Swiggy holdings. Around the same time, Alibaba Group affiliate Antfin sold shares worth Rs 4,097 crore, marking its second major exit from an Indian internet firm in a week, after Paytm.

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Eternal reported a sharp rise in revenue in the first quarter of the current fiscal year, with operations growing 70 percent to Rs 7,167 crore from Rs 4,206 crore a year earlier.

However, profits fell significantly, dropping 90% to Rs 25 crore from Rs 253 crore in the same quarter last year. At the close of trading on Wednesday, Eternal’s market capitalization stood at Rs 3,17,930 crore.

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