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Experience-hailing app Uber is promoting off its whole holding in Indian meals supply firm Zomato for not less than $373 million (₹2,939 crore) by means of a block deal of shares, service provider banking sources mentioned on Tuesday.
The event comes on a day when the Zomato scrip witnessed a virtually 20 per cent surge to shut at ₹55.60 apiece on the BSE.
The sources mentioned the supply worth vary for the deal to be carried out on Wednesday might be between ₹48-54 per share.
On the decrease finish of the band, which is a 13.6 per cent low cost to Tuesday’s shut, the entire cash to be raised by means of the sale comes at ₹2,939 crore ($373 million), the sources mentioned.
Bofa Securities is the only real ebook runner for the block deal.
The supply measurement represents 7.8 per cent of the general excellent shares for the corporate, which has had a unstable motion on the bourses since debuting final 12 months.
When contacted, an Uber India spokesperson declined to share any particulars.
It may be famous that Uber picked up the stake in Zomato after the latter acquired its native meals enterprise Uber Eats in an all inventory deal in 2020.
Later, Zomato listed on the bourses and the inventory had been below promoting strain for the previous few weeks until the information of halving of losses and enterprise reorganisation heightened patrons’ curiosity in Tuesday’s commerce.
Revealed on
August 02, 2022
