China’s Alipay to sell stakes worth $400 million in Zomato

Chinese payments giant Alipay has initiated a $400 million accelerated bookbuild to divest its stake in the prominent Indian food delivery firm, Zomato, according to the term sheet released on Wednesday.

This move follows a previous report by Reuters on Tuesday, indicating Alipay’s intention to sell its 3.4 per cent stake in Zomato through block deals on Indian stock exchanges.

Alipay, a subsidiary of Ant Group, is set to offload its entire 3.44 per cent stake in Zomato through this deal, as per the term sheet obtained by Reuters. Bank of America and Morgan Stanley have been enlisted as advisers for the transaction, which is anticipated to be executed at a later date.