Alibaba to Exit Indian Food Delivery Company Eternal with $613M Stake Sale

Alibaba Group Holding Limited (NYSE:BABA) is one of the best high-volume stocks to invest in. On August 6, it was reported that China’s Alibaba Group would be selling its entire stake in the Indian company Eternal through a block deal.

According to a CNBC-Awaaz report, the deal is valued at 53.75 billion Indian rupees, which is ~$613 million. The block deal involves Alibaba’s unit, called Antfin Singapore, which held a 2.08% stake in Eternal as of the end of June this year.

Alibaba to Exit Indian Food Delivery Company Eternal with $613M Stake Sale

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The company will offload this entire stake at a floor price of 285 rupees per share, which represents a 4.6% discount to Eternal’s closing price on August 6. Eternal is the parent company of the food delivery service Zomato and the quick commerce arm Blinkit. Neither Antfin nor Eternal has responded to requests for comment from Reuters.

Alibaba Group Holding Limited (NYSE:BABA) provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses engage with their users and customers in the People’s Republic of China and internationally.

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Disclosure: None. This article is originally published at Insider Monkey.