A financial report detailing the Eternal block deal by BNP Paribas and Millennium Management.
French financial services group BNP Paribas and US-based hedge fund Millennium Management have divested a significant stake in the listed foodtech company Eternal through block deals, collectively selling over 9.9 crore shares worth approximately ₹3,264.8 crore (around $392 million).
According to data from the National Stock Exchange (NSE), BNP Paribas sold 5.09 crore shares at ₹327.93 each, generating ₹1,670.9 crore. Concurrently, Millennium’s affiliate, Integrated Core Strategies (Asia) Pte Ltd, offloaded 4.9 crore shares at ₹327.9 per share, realizing nearly ₹1,594 crore.
In separate transactions, BNP Paribas acquired 64,474 shares at ₹320.28 each for ₹2.1 crore, while Integrated Core Strategies (Asia) Pte Ltd purchased 10,758 shares at ₹328.95 each for ₹35.4 lakh.
The shares were traded at an average price of ₹327.92, a slight premium of 0.06% over Eternal’s closing price on Monday. The buyers for these substantial shareholdings were not immediately identified.
This stake sale occurs shortly before the MSCI (Morgan Stanley Capital International) index rebalancing, scheduled to take effect on September 1, which is expected to increase the weightage of Eternal’s stock in the index. The move comes amid continued investor optimism for Eternal, whose shares have seen a 30.9% increase in the last three months and an 18% rise year-to-date.
Eternal has demonstrated strong financial performance despite intense competition in the quick commerce sector and the entry of new players. The company reported a consolidated net profit of ₹92 crore in Q1 FY27, a nearly 3.7-fold increase from the ₹25 crore in the prior year’s quarter. Operating revenue surged by 182% year-on-year and 17% quarter-on-quarter to ₹20,211 crore during the same period.
The block deals coincided with other significant developments for Zomato, Eternal’s food delivery arm, which included the shutdown of its Hyderabad customer support operations, resulting in layoffs for approximately 240 employees, and a ban on dishes containing analogue dairy products, such as analogue paneer, from its platform.
Eternal’s shares closed Monday’s trading session at ₹327.7 on the BSE, marking a marginal 0.02% decrease.
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