Alibaba to sell $200 million worth of Zomato shares

30 Nov 2022 , 06:32 AM

Alibaba Group Holding Ltd. intends to raise $200 million through a block deal by selling a stake of around 3% in the Indian food delivery company Zomato Ltd.

The Chinese e-commerce behemoth, through its financing affiliate Ant Group, presently owns 13.3% of Zomato.

The block deal on Wednesday will probably be at a 5% to 6% discount to Zomato’s close on Tuesday of 63.55 rupees.

The change happened a few months after Uber Technologies exchanged a block trade for $392 million to sell its 7.8% stake in Zomato.