Alibaba Group sells 3% stake in Zomato for ₹1,631 crore

Market


Alipay Singapore, an arm of Alibaba Group Holding Ltd, sold 3.07% stake in online food delivery giant Zomato for 1,631 crore via an open market transaction on Wednesday. Alipay Singapore Holding Pte offloaded around 26,28,73,507 shares, aggregating to 3.07% stake in the firm, according to the bulk deal data available with the National Stock Exchange (NSE).

The shares of the chinese e-commerce giant Alibaba were offloaded at an average price of 62.06 apiece, taking the transaction value to 1,631.39 crore.

On Wednesday, Camas Investments Pte, an wholly-owned subsidiary of Singaporean sovereign wealth fund Temasek acquired 9.80 crore shares of the firm.

As of quarter ended September, Alibaba through its affiliates – Antfin Singapore Holding and Alipay Singapore Holding – owned about 13% stake in the company, data with the bourse showed.

Buying by Temasek offered support to the stock and helped Zomato end higher on the NSE. However, the stock has fallen more than 52% so far in 2022.

The development came months after Uber Technologies sold its 7.8% stake in Zomato for $392 million via a block trade on local exchanges.

On Wednesday, shares of Zomato closed 3.54% higher at 65.80 ascrip on the NSE.


Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.

Take the test

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less



Source link

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments