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Uber likely to sell 7.8% stake in Zomato

Shares in Zomato rose 20 per cent to Rs 55.55 on Tuesday
Last Updated 02 August 2022, 14:07 IST

Uber Technologies is the likely seller of a 7.8 per cent stake in Indian food delivery firm Zomato being disposed of via a $373 million (Rs 2,900 cr) block deal on Wednesday, according to a source with direct knowledge of the matter.

The offer size of 612 million shares worth $373 million is based on the lower end of a Rs 48-54 price range set for the block deal, a term sheet seen by Reuters stated, adding that would be at a 2.8 per cent-13.6 per cent discount to the latest close.

Zomato and Uber did not immediately respond to a request for comment. Shares in Zomato rose 20 per cent to Rs 55.55 on Tuesday.

BofA Securities is the sole bookrunner for the deal. The term sheet did not name the potential seller.

On Monday, Zomato said it had recorded more orders and narrowed its loss for the June quarter to Rs 186 crore ($23.67 million) from Rs 356 crore a year earlier.

Uber on Tuesday reported a net loss of Rs 20,400 crore ($2.6 billion) for second quarter of 2022, of which Rs 13,300 crore ($1.7 billion) was related to its equity investments, including its Zomato stake.

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(Published 02 August 2022, 13:44 IST)

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