Shares of Zomato Ltd fell as much as 6.8 per cent on Wednesday, of their greatest drop in additional than per week, a day after stories stated that Uber Applied sciences deliberate to promote its complete stake within the Indian meals supply agency.
Uber is the possible vendor of a 7.8 per cent stake in Zomato being disposed of by way of a $373 million block deal, a supply with direct information of the matter advised Reuters on Tuesday.
The provide dimension of 612 million shares value $373 million is predicated on the decrease finish of a value vary of ₹48-₹54 set for the block dea.
Uber and Zomato didn’t instantly reply for remark.
BofA Securities is the only bookrunner for the deal. The time period sheet didn’t identify the potential vendor.
About 12.1 million shares have been exchanged in a block deal priced at ₹52.5 in pre-open commerce, in keeping with Refinitiv Eikon knowledge.
Zomato shares have been final down 1.5 per cent at ₹54.7, with greater than 232 million shares traded, twice their 30-day common.
August 03, 2022