scorecardresearchAlibaba to sell Zomato shares worth $200 million via block deal: Report

Alibaba to sell Zomato shares worth $200 million via block deal: Report

Updated: 29 Nov 2022, 06:58 PM IST
TL;DR.
  • The Chinese e-commerce giant, through its finance affiliate Ant Group, currently owns a 13.3% stake in Zomato, according to Refinitiv data.
FILE PHOTO: The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration/File Photo

FILE PHOTO: The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration/File Photo

(Reuters) -Alibaba Group Holding Ltd plans to sell a stake of about 3% in Indian food delivery firm Zomato Ltd worth $200 million through a block deal, CNBC Awaaz reported on Tuesday, citing sources.

The Chinese e-commerce giant, through its finance affiliate Ant Group, currently owns a 13.3% stake in Zomato, according to Refinitiv data.

Alibaba and Zomato did not immediately respond to Reuters requests for comment.

The block deal on Wednesday will likely be at a 5% to 6% discount to Zomato's Tuesday close of 63.55 rupees, a CNBC Awaaz reporter said in a tweet.

The development comes months after Uber Technologies sold its 7.8% stake in Zomato for $392 million via a block trade on local exchanges, Reuters reported in August, citing sources.

 

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First Published: 29 Nov 2022, 06:58 PM IST