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Ant Group's Alipay to exit Zomato
Hindustan Times
|November 29, 2023
Ant Group's payments platform Alipay is set to offload shares of Zomato Ltd in a $395 million block deal on Wednesday, according to a term sheet reviewed by Mint.
Alipay's share sale follows a partial stake sale by Softbank Group last month where the Japanese investor sold 1.1% stake for ₹1,200 crore. Zomato shares have risen around 80% over the last one year. Alipay is selling 296 million shares and expects to raise ₹3,290 crore or ($395 million) on Tuesday.
Shares will be offered at ₹111.28 apiece-a 2.2% discount to the last close price. Zomato shares closed at 113.80 apiece on Tuesday. Bank of America Securities India Ltd and Morgan Stanley are arranging the trade.
According to exchanges, over the past one year, Deepinder Goyal-founded Zomato's price has gone up by 80% to ₹113.8 from ₹62.05.
Alipay invested $360 million in 2018, according to an Inc42 report. Alibaba Group has also separately invested through Ant Financial in Zomato.
This story is from the November 29, 2023 edition of Hindustan Times.
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