Global firms rush to buy Alipay’s stake in India’s Zomato By Reuters

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<span>© Reuters. FILE PHOTO: A delivery worker of Zomato, an Indian food-delivery startup, prepares to leave to pick up an order from a restaurant in Mumbai, India, July 13, 2021. REUTERS/Francis Mascarenhas/File Photo</span><br />
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<p>(Reuters) &#8211; Global money managers and banks ranging from Vanguard to Goldman Sachs as well as the Singapore government rushed to grab a slice of Zomato after Chinese payments group Alipay offloaded its entire 3.44% stake in the Indian food delivery platform.</p>
<p>Earlier on Wednesday, Alipay launched a $400 million stake sale in Zomato through block deals, hours after Reuters exclusively reported the plan. </p>
<p>About 296 million shares of Zomato were sold by the Chinese company for 112.7 rupees ($1.35) each. Fund manager Fidelity, investment bank Morgan Stanley and sovereign wealth fund Abu Dhabi Investment Authority were among those that bought a sizable portion of the company&#8217;s shares, exchange data showed.</p>
<p>Shares of Zomato have nearly doubled this year as the company started to turn a profit after going public in 2021, prompting some of its biggest investors to lock in gains on their investments. </p>
<p>The stock closed up 2.5% at 116 rupees, nearly on par with the listing price during its market debut. It had traded as low as 40.6 rupees in July 2022.</p>
<p>In October, Japan&#8217;s SoftBank (TYO:) sold a 1.1% stake in Zomato, which is India&#8217;s biggest food delivery service.</p>
<p>Alipay&#8217;s exit from Zomato also comes at a time when Chinese investors have been cutting their stakes in Indian companies. </p>
<p>In August, China&#8217;s Antfin sold a 10.3% stake in Indian financial giant Paytm to its founder and Chief Executive Vijay Shekhar Sharma.</p>
<p>($1 = 83.3269 Indian rupees) </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/global-firms-rush-to-buy-alipays-stake-in-indias-zomato-3246042">Source link </a></p><p>The post <a href="https://forextraderhub.com/global-firms-rush-to-buy-alipays-stake-in-indias-zomato-by-reuters.html">Global firms rush to buy Alipay’s stake in India’s Zomato By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>