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Alibaba to sell $200 million worth of shares in Zomato today: Report

Ant Financial and Alipay, through which Alibaba has invested in Zomato, would bring down their stake to about 10 percent, by selling shares in Zomato at a 5-6 percent discount, CNBC Awaaz has said

November 30, 2022 / 06:50 AM IST
Representational image (Pic - Getty Images)

Representational image (Pic - Getty Images)

 
 
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Alibaba, which owns about 13 percent stake in restaurant aggregator and food delivery unicorn Zomato through two of its subsidiaries, will sell shares worth $200 million through a block deal on November 30, CNBC Awaaz said on November 29.

Ant Financial and Alipay would bring down their stake in Zomato to about 10 percent, the report said quoting sources.

The block deal is said to happen at a discount of about 5-6 percent, the report said. Investment bank Morgan Stanley would be the broker to the deal.

Alibaba’s partial exit comes at a time when Zomato has seen a series of senior-level exits recently. The company has also initiated layoffs as it plans to shrink the workforce by 4 percent.