Advertisement

Ant Group's Alipay To Offload 296mn Zomato Shares: Report

This move by Alipay follows Softbank Group's partial stake sale in Zomato last month, where the firm sold a 1.1 per cent stake for Rs 1,200 crore

Alipay, the payments platform owned by Ant Group, is planning to sell its stake in Zomato, the online food delivery company. According to a recent term sheet, Alipay intends to offload 296 million shares, raising around Rs 3,290 crore (USD 395 million). The shares will be sold at Rs 111.28 apiece, which is a 2.2 per cent discount to the previous day's closing price. As per media reports, the trade is being arranged by Bofa Securities India and Morgan Stanley.

This move by Alipay follows Softbank Group's partial stake sale in Zomato last month, where the firm sold a 1.1 per cent stake for Rs 1,200 crore. Over the past year, Zomato's share price has increased by 80 per cent, from Rs 62.05 to Rs 113.80. Alipay currently holds a 3.44 per cent stake in Zomato, while Ant Group's other entity, Antfin Singapore Holdings Pte, holds a 6.39 per cent stake.

Previously, various other investors, including SoftBank's Svf Growth (Singapore) Pte, Tiger Global-backed Internet Fund III Pte and DST Global, have sold their stakes in Zomato through different transactions. As a result, companies such as Axis Mutual Fund, SBI Life Insurance Co., ICICI Prudential Life Insurance, Founders Collective Fund, Morgan Stanley Asia Singapore and Societe Generale have acquired shares in the company.


Tags assigned to this article:
alipay startup zomato shares Offload

Around The World

Advertisement