Alipay Singapore Holding to sell 3.44% stake in Zomato on Wednesday
Alipay Singapore Holding plans to sell its entire 3.44 per cent stake in food delivery giant Zomato on Wednesday. The Chinese firm has set the floor price at Rs 111.28 per share for the transaction. Shares of Zomato last closed at Rs 113.8. At the base price, Alipay will be able to raise Rs 3,290 crore. BofA Securities and Morgan Stanley are the investment banks handling the share sale.
Alipay’s sister concern Antfin Singapore Holding held another 6.39 per cent stake in Zomato at the end of the September 2023 quarter.
Last month, SoftBank had sold 1.1 per cent equity in Zomato at Rs 111.2 apiece to raise Rs 1,040 crore following the end of its lock-in period.
Earlier in August, Internet Fund III, a venture capital fund managed by Tiger Global, and Apoletto Asia, a fund backed by Israeli billionaire Yuri Milner, had sold shares worth Rs 1,412 crore in the food delivery major.
Shares of Zomato are up nearly 90 per cent so far this calendar year amid improved profitability.