Alipay Plans to Raise Up to $395.0 Million via Zomato Share Sale
By P.R. Venkat
Digital-payments platform company Alipay plans to raise up to $395.0 million via block trades in shares of Indian food-delivery business Zomato.
Alipay, owned by Ant Group, is selling a 3.44% stake in Zomato, which translates to up to 296.1 million shares, according to a term sheet seen by The Wall Street Journal.
The term sheet showed that the floor price had been kept at INR111.28 ($1.33) a share, a 2.2% discount to Zomato's last traded price of INR113.80.
The expected settlement date is Nov. 30.
BofA Securities and Morgan Stanley are acting as placement agents on the deal, according to the term sheet.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
November 28, 2023 20:53 ET (01:53 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
After Earnings, Is Baidu Stock a Buy, a Sell, or Fairly Valued?
-
Why Stocks Are Hitting Record Highs—and What Could Send Them Back to Earth
-
5 Stocks to Buy While They’re Trading at Big Discounts
-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
After Earnings, Is Uber Stock a Buy, a Sell, or Fairly Valued?
-
Lowe’s Earnings: Tumultuous Macro Weighs on Near-Term Results but Fails to Sway Our Long-Term View
-
Macy’s Earnings: Plan Taking Shape Despite Tough Environment
-
JPMorgan Investor Day: CEO Dimon Pushes Against More Stock Buybacks at Current Prices
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
3 Cheap and Dependable Dividend-Growth Stocks to Buy
-
The Best Bank Stocks to Buy
-
After Earnings, Is Roblox Stock a Buy, Sell, or Fairly Valued?