Info Edge India is going to sell its stake in Zomato Media for USD 50 million.

The company stated that, it has took into consideration recommendation of the audit committee, at its meeting held on Feb 1 and has accorded its approval, to allow divestment of 32,629 equity shares of Zomato Media.The divestment is subject to shareholders & other requisite approvals, if applicable.

Further the company stated, “The company is going to sell 6.6% stake in Zomato to Ant financial either directly or through its wholly owned subsidiary Naukri Internet Services, as may be deemed fit in the best interests of the company, by way of sale, transfer, assignment or disposal and to execute such agreements and other documents as may be required for the purpose of or in relation to, the divestment.”

Zomato, as a part of deal, will also raise USD 150 million from Ant Financials.  The deal is expected to close by April 15, after that the company’s stake in Zomato will come down from current 44.74% to 30.9%.

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