Last Updated: August 02, 2022, 18:42 IST
Zomato big block sale expected tomorrow
The price band of the deal will be at Rs 48-54 per share, as per reports, with speculations of Uber BV selling its 7.8 per cent stake at Zomato.
Food delivery aggregator Zomato is expected to see a big block deal on August 3, Wednesday, multiple reports said on Tuesday. The Zomato block deal offer is of around Rs 2,938 crore or $373 million. The undisclosed seller will put 62.1 crore total outstanding shares on the block, which is equivalent to 7.8 per cent stake at Zomato .
While there was no disclosure of who the seller was, CNBC TV18 reported that it is likely to be Uber BV, which also has a 7.8 per cent stake at Zomato. The price band of the deal will be at Rs 48-54 per share, which is a discount of 2.8 per cent to 13.6 per cent as against the current market price. BofA Securities will be the sole bookrunner for the deal, Moneycontrol reported.
Stocks of Zomato and Uber will be under watch tomorrow on the back of the news. Zomato shares on Tuesday closed 19.96 per cent higher at Rs 55.60, data on BSE showed. Amid an ongoing tech sell-off, Zomato stock have lost over 60 per cent of its value on a year-to-date basis.
Shares of Zomato soared nearly 20 per cent in Tuesday’s trade after the online food delivery platform said its consolidated net loss narrowed in the June quarter. The food tech player posted a consolidated loss at Rs 186 crore for the quarter ended June 30, 2022, as compared to a loss of Rs 361 crore in Q1FY22. Revenues during the quarter jumped 68 per cent year-on-year to Rs 1,414 crore.
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