TLDR: Antfin, an Alibaba Group affiliate, is exiting its entire stake in Eternal for approximately Rs 5,368 crore, marking its second recent divestment from an Indian company. Concurrently, OpenAI is executing a substantial share buyback, a strategic move aimed at retaining its top AI researchers amidst intense competition for talent.
Alibaba Group’s fintech arm, Antfin, is reportedly divesting its entire 1.95% stake in Indian food delivery and quick commerce platform Eternal (formerly Zomato) through a block deal. The transaction is valued at approximately Rs 5,368 crore (around $645 million USD), with shares offered at a floor price of Rs 285 apiece, representing a 5% discount to the previous day’s closing price on the NSE. This move follows closely on the heels of Antfin’s complete exit from Paytm, where it divested its remaining 5.84% stake, making Eternal its second significant India exit in as many days. This series of divestments by Antfin aligns with a broader trend of Chinese investors reducing their exposure to Indian companies, influenced by heightened geopolitical tensions between the two nations. Indian firms are reportedly acquiring these stakes as the government increases scrutiny on Chinese capital inflows.
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In a separate but equally significant development in the tech world, OpenAI, the leading artificial intelligence research organization, is undertaking a substantial share buyback initiative. This strategic financial maneuver is primarily seen as a ‘retention play’ designed to provide liquidity to its employees and, crucially, to retain its highly sought-after elite AI talent. The competitive landscape for AI professionals is intensifying, with major tech players actively recruiting from rivals. Reports indicate that Meta CEO Mark Zuckerberg, for instance, has been aggressively poaching researchers for his ‘Superintelligence’ team, targeting staff from OpenAI, Google, and Microsoft. By offering employees an opportunity to cash in on their equity, OpenAI aims to strengthen its position in the fierce battle for top-tier AI researchers and engineers, ensuring it can hold onto its most valuable human capital.
