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Alibaba Group pares 3% stake in Zomato for Rs1,631 crore; stock adds ~1%

1 Dec 2022 , 09:24 AM

zomato

On Wednesday, China’s Alibaba Group raised Rs1,631 crore by selling a 3.1% stake in Zomato in an open market transaction.

According to bulk deals data from the National Stock Exchange, the Chinese conglomerate sold 26,28,73,507 shares at Rs62.06, a discount of more than 2% from Tuesday’s close price of Rs63.55.

This is the first sale by company’s existing shareholder in over three months. In August, venture capital firm Sequoia Capital offloaded a 2% stake, following Uber’s sale of the entire 7.8% stake and Tiger Global Management’s sale of a 2.3% stake.

In a separate transaction, Singapore-based investment fund Temasek Holdings acquired a 1.1% stake in Zomato for Rs608 crore. Temasek, a Singapore government-owned company, purchased 9,80,00,000 shares of the online food delivery aggregator at Rs62 each, a 2.4% discount to Tuesday’s close price.

As of 2022, Temasek owns and manages a net portfolio worth S$403 billion globally. Temasek’s purchases bolstered the stock, allowing Zomato to close 2.7% higher on the NSE at Rs65.25. However, the stock dropped more than 52% in 2022.

Even after the sale of some large investors’ stakes, the company remains the preferred one among the listed new-age technology companies due to India’s strong consumption growth prospects.

At around 9.27 AM, Zomato was trading at Rs65.85 up by 1% from its previous closing of Rs65.20 on the BSE. The scrip opened at Rs66.30 and touched intraday high and low of Rs66.55 and Rs65.55 respectively.

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Related Tags

  • Alibaba Group
  • Alibaba Group Stake Sale
  • Temasek Holdings
  • Zomato news
  • Zomato Stock
  • Zomato Updates
  • Zomatobulkdeal
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