Alibaba to sell Zomato shares worth $200 million via block deal

The block deal on Wednesday will likely be at a 5% to 6% discount to Zomato's Tuesday close of Rs 63.55

Alibaba Group Holding Ltd plans to sell a stake of about 3 per cent in 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 per cent 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 per cent to 6 per cent discount to Zomato's Tuesday close of Rs 63.55, a CNBC Awaaz reporter said in a tweet.

The development comes months after Uber Technologies sold its 7.8 per cent stake in Zomato for $392 million via a block trade on local exchanges, Reuters reported in August, citing sources.