Business
China's Alibaba to exit India's Eternal via block deal, CNBC-Awaaz reports
China's Alibaba to exit India's Eternal via block deal, CNBC-Awaaz reports
About this update from Eternal Limited
China's Alibaba Group is likely to exit India's Eternal NSE: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)