Shares of food delivery giant Zomato were trading in the green and 4% higher on 29 November as 29.7 crore shares changed hands via a block deal.

Zomato shares were in focus as 3.4% of its outstanding equity, which totals 29.7 crore shares, changed hands on the exchanges for an average price of Rs 112 per share, taking the total transaction value to Rs 3,326 crore.

The buyers and sellers involved in this transaction are yet to be identified.

According to the media outlet CNBC-TV18, Alipay, an arm of Alibaba, was looking to divest 239.6 crore shares or a 3.4% stake of the company via a block deal. Alipay was looking to raise $395 million or Rs 3,290 crore by selling the shares at an average price of Rs 111.28 apiece.

Post this transaction, the shares will be in a 90-day lock-in period for the selling shareholder.

In its quarterly report for July-September, the company reported a net profit of Rs 36 crore for the quarter from the Rs 251 crore net loss it reported in the year-ago quarter.

The revenue from operation stood at Rs 2,848 crore for the quarter under review, which is a 71.5% year-on-year (YOY) increase from Rs 1,661 crore reported in the same quarter of the previous fiscal year.

At 3:30 pm, the shares of Zomato closed 3.43% higher at Rs 117.70 on NSE.