Shareholder of Zomato, Alibaba is looking to sell shares of Zomato worth $200 million in a block trade.

Alibaba, through its subsidiary Alipay Singapore Pte, intends to sell 262.9 million shares, or 3.07 percent of the company.

Alibaba is offering the shares to institutional investors at a floor price of Rs 60 per share, a 5.59 per cent discount to the previous day’s closing price, for a total of Rs1,580 crore.

Following the transaction, Alibaba will retain a 10 per cent stake in the food delivery platform.

Morgan Stanley is the sole broker for the block trade, which will take place on November 30th.

Previously, investors such as Uber and Tiger Global sold a portion of their Zomato holdings when the IPO lock-in period expired earlier this year. Uber sold the entirety of its 7.8 per cent stake in Zomato in August for Rs 3,088 crore.

Several investors with stakes in technology firms that went public last year are now liquidating a portion of their holdings due to the 12-month post-IPO lock.

Japan’s SoftBank will sell a third of its stake in One97 Communications, the owner of the Paytm payments app, in a $200 million block deal on November 17.

Similar block trades have been observed at several tech firms, including Nykaa and Policy bazaar.

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