Uber is expected to sell its stake in Zomato in a mega-block deal tomorrow
- Zomato is valued at $3 Bn after the ANT Financials investment in January 2020
- Zomato acquired Uber Eats India business after much speculation
- Uber has not received the same rights as other primary investors in Zomato
Uber Technologies is expected to sell a 7.8 percent stake in food supplier Zomato in a $373 million block deal on Wednesday, according to sources familiar with the matter and documents seen by Reuters.
The $373 million bid size is based on the lower end of the Rs48-54 price range set for the block deal, the document shows.
BofA Securities was the only bookrunner for the transaction.
Zomato shares rose nearly 20 percent on Tuesday after the company reported that its loss for the June quarter had nearly halved. The stock was up 19.96% on the BSE to Rs 55.60 – the upper end of the range. On the NSE, it rose 19.97 percent to Rs.55.55. The company’s market valuation also rose to Rs.7,283.52 crore from Rs.43,777.52 crore on BSE.
In exchanged volume terms, 80.3 million offers were exchanged at the BSE and over 528.8 million offers at the NSE
during the day. Zomato on Monday said its combined total deficit in the main quarter of current monetary
year close to split to Rs 186 crore because of higher pay.
The organization had detailed a total deficit of Rs 360.7 crore in the year-prior period.
About The Author
