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HomeMarketStocksAlibaba Group raises Rs 1,631 crore via 3% stake sale in Zomato

Alibaba Group raises Rs 1,631 crore via 3% stake sale in Zomato

China’s Alibaba Group offered a 3.1% stake in Zomato by way of the open market on Wednesday and raised Rs 1,631 crore.

The Chinese language conglomerate offered 26,28,73,507 shares at Rs 62.06, a reduction of over 2% to Tuesday’s shut value of Rs 63.55, in line with bulk offers knowledge on the Nationwide Inventory Trade.

That is the primary sale by an current shareholder of

in over three months. In August, enterprise capital fund Sequoia Capital had offered 2% stake, which adopted the sale of all the 7.8% stake by Uber and a 2.3% stake sale by Tiger International Administration.

By means of a separate deal, Singapore-based funding fund Temasek Holdings has purchased 1.1% stake price Rs 608 crore in Zomato. Temasek, an organization owned by the Authorities of Singapore, purchased 9,80,00,000 shares of the net meals supply aggregator at Rs 62 apiece, a reduction of two.4% to Tuesday’s shut value.

Temasek owns and manages a internet portfolio of S$403 billion globally as of 2022. Shopping for by Temasek supplied help to the inventory and helped Zomato finish 2.7% larger at Rs 65.25 on the NSE. Nevertheless, the inventory has fallen greater than 52% to this point in 2022.

Regardless of the sale of stake by among the huge traders, the corporate stays the popular one among the many listed new-age expertise corporations given the sturdy development prospects for consumption in India.

Furthermore, Zomato’s financials have improved considerably with the corporate posting its first-ever standalone revenue within the September quarter.

(Disclaimer: Suggestions, options, views and opinions given by the specialists are their very own. These don’t signify the views of Financial Occasions)

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