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

(END) Dow Jones Newswires

11-28-23 2053ET