China’s Alipay sells stake in India’s Zomato for nearly $400 million – term sheet

(Reuters) – Chinese payments group Alipay launched a $400 million accelerated bookbuild to sell its stake in Indian food delivery giant Zomato, according the deal’s term sheet on Wednesday.

The deal comes after Reuters reported on Tuesday that Alipay was planning to sell its 3.4% in Zomato through block deals on Indian stock exchanges.

(Reporting by Baranjot Kaur in Bengaluru; Editing by Rashmi Aich)