(Reuters) -China’s Alibaba Group is likely to exit India’s Eternal in a block deal valued at 53.75 billion rupees ($613 million), CNBC-Awaaz reported on Wednesday, citing sources. Alibaba’s unit Antfin Singapore, which had a 2.08% stake in Eternal as of June-end, will offload all of it at a floor price of 285 rupees, the report […]
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China’s Alibaba to exit India’s Eternal via block deal, CNBC-Awaaz reports
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(Reuters) -China’s Alibaba Group is likely to exit India’s Eternal in a block deal valued at 53.75 billion rupees ($613 million), CNBC-Awaaz reported on Wednesday, citing sources.
Alibaba’s unit Antfin Singapore, which had a 2.08% stake in Eternal as of June-end, will offload all of it at a floor price of 285 rupees, the report said.
That implies a 4.6% discount to Eternal’s closing price on Wednesday.
Antfin and Eternal, which houses food delivery business Zomato and quick commerce arm Blinkit, did not immediately respond to Reuters’ requests for comment.
($1 = 87.6900 Indian rupees)
(Reporting by Anuran Sadhu and Hritam Mukherjee in Bengaluru; Editing by Arun Koyyur and Shilpi Majumdar)