China’s Alipay plans to sell 3.4% stake worth near $400 mn in Zomato

China’s Alipay plans to sell its 3.4% stake in Indian food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges, according to three sources and a Reuters review of the deal’s term sheet.

Alipay will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed.

Zomato shares have surged more than 90% this year.

Bank of America and Morgan Stanley are advisers on the deal, which is likely to be executed later this week on Indian exchanges, said the three sources, who declined to be named as the plan is private.

Zomato, Bank of America and Morgan Stanley did not immediately respond to a request for comment. Alipay also did not respond outside regular business hours.

(Reporting by M. Sriram; Editing by Aditya Kalra and Susan Fenton)