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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.
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.
($1 = 81.6080 Indian rupees)
(Reporting by Rama Venkat in Bengaluru)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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