Alipay Singapore Holding intends to divest its entire 3.44% share in the prominent food delivery company Zomato on Wednesday. The Chinese company has established the minimum price at INR 111.28 per share for this transaction. Zomato’s latest closing share price was INR 113.8. At the specified base price, Alipay anticipates raising INR 3,290 crore. The share sale is being managed by BofA Securities and Morgan Stanley, the designated investment banks.
Antfin Singapore Holding, an affiliated entity of Alipay, held another 6.39% stake in Zomato at the end of the September 2023 quarter.
Last month, following the expiration of its lock-in period, SoftBank sold 1.1% equity in Zomato at INR 111.2 apiece, raising INR 1,040 crore.
In August, Internet Fund III, a venture capital fund overseen by Tiger Global, and Apoletto Asia, a fund supported by Israeli billionaire Yuri Milner, divested shares amounting to INR 1,412 crore in the prominent food delivery company.
Continue Exploring: Tiger Global exits Zomato, sells 12.24 Cr shares for INR 1,123 Cr in open market transaction
Zomato’s shares have surged by almost 90% year-to-date, driven by enhanced profitability.
