Alipay to sell its stake in Zomato for $400m

MUMBAI, Nov 28 (Reuters): Chinese payments group Alipay plans to sell its 3.4 per cent stake in Indian food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges, according to three sources and a Reuters review of the deal's term sheet.
Alipay, owned by Ant Group, will offload its entire 3.44 per cent stake in the deal, the term sheet seen by Reuters showed.
Bank of America and Morgan Stanley are advisers on the deal, which is likely to be executed later this week on Indian exchanges, said the three sources, who declined to be named as the plan is private.
Zomato, Bank of America and Morgan Stanley did not immediately respond to a request for comment. Alipay also did not respond outside regular business hours.
Zomato shares have surged more than 90 per cent this year, after falling by more than half in 2022 when tech stocks struggled around the world.