In a strategic financial move, Alipay, the prominent Chinese payment platform, is set to sell 296 million shares in the popular online food delivery company, Zomato. The company anticipates raising an impressive ₹3,290 crore or ($395 million) through this transaction. This development comes as Alipay aims to optimize its investment portfolio and capitalize on the flourishing market trends.
Key Transaction Details
- Stake Percentage: Alipay currently holds a 3.44% stake in Zomato, making it a significant shareholder in the online food delivery giant.
- Financial Objective: The anticipated ₹3,290 crore ($395 million) capital raise through the sale of 296 million shares underscores Alipay’s strategic financial objectives and its commitment to portfolio optimization.
- Trade Arrangers: Bofa Securities India Ltd and Morgan Stanley are playing pivotal roles in arranging and facilitating this high-profile trade, emphasizing the credibility and strategic approach behind Alipay’s decision.
