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.