China's Alipay sells stake in Zomato for nearly $400 mn

Chinese payments group Alipay launched a $400 million accelerated bookbuild to sell its stake in 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 per cent in Zomato through block deals on Indian stock exchanges.