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

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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.

According to Refinitiv data, the Chinese e-commerce behemoth owns 13.3% of Zomato through its finance affiliate Ant Group. Reuters requests for comment were not immediately responded to by Alibaba or Zomato. According to a CNBC Awaaz reporter, the block deal on Wednesday will likely be at a 5% to 6% discount to Zomato’s Tuesday close of 63.55 rupees. The news comes just months after Uber Technologies sold its 7.8% stake in Zomato for $392 million in a block trade on local exchanges, according to Reuters, citing sources.

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

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.

According to Refinitiv data, the Chinese e-commerce behemoth owns 13.3% of Zomato through its finance affiliate Ant Group. Reuters requests for comment were not immediately responded to by Alibaba or Zomato. According to a CNBC Awaaz reporter, the block deal on Wednesday will likely be at a 5% to 6% discount to Zomato’s Tuesday close of 63.55 rupees. The news comes just months after Uber Technologies sold its 7.8% stake in Zomato for $392 million in a block trade on local exchanges, according to Reuters, citing sources.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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