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Ant Group's Alipay to exit Zomato
Mint Mumbai
|November 29, 2023
Alipay's proposed share sale follows the sale of 1.1% stake for ₹1,200 crore by Softbank Group last month
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 in the food delivery aggregator last month where the Japanese investor sold 1.1% stake for ₹1,200 crore.
Alipay is selling 296 million shares in the online food delivery company and expects to raise ₹3,290 crore or ($395 million).
Shares will be offloaded at ₹111.28 apiece, a 2.2% discount to the closing price of ₹113.80 apiece on Tuesday.
Bofa Securities India Ltd and Morgan Stanley are arranging the trade.
According to exchanges, over the past one year, Deepinder Goyal-founded Zomato’s share price has risen by 80% from ₹62.05 to ₹113.8 now.
Alipay invested $360 million in 2018, according to an Inc42 report. Alibaba Group has also separately invested through Ant Financial in Zomato.
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