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The biggest ride-hailing firm Uber has sold 7.8% of its stake in the food delivery aggregator Zomato via a big block deal on stock exchanges, sources familiar with the development said.
The Zomato block deal has been executed at Rs 50.44 per share. This comes a day after it was reported that Uber Technologies will sell its stake of at least 612 Million shares at Zomato.
As per BSE filing date 03rd Aug 2022, Uber has sold 612199100 number of equity shares at Rs 50.44 per share in the bulk deal. However, neither Uber nor Zomato issued a statement regarding the development.
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The Value of the block deal is approximately $392 Million or Rs 30.87 billion. In a another filing by Zomato, it has been reported that ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED and FIDELITY INVESTMENT TRUST FIDELITY SERIES EMERGING MARKETS FUND has purchased 45000000 number of equity shares at Rs 50.25 and 54438744 number of equity shares at Rs 50.26, respectively.
BofA Securities was the sole bookrunner for the transaction conducted on Wednesday. Franklin, ICICI, and Fidelity could not be reached for any comments, Reuters reported.
Shares of Zomato Ltd declined as much as 10% on the BSE in Wednesday’s opening trade on the news of the mega block deal that broke on Tuesday. The stock slumped 9.62% to Rs 50.25 on the BSE. However, it recouped most losses as the session progressed.
The company’s market valuation also climbed Rs 7,283.52 crore to Rs 43,777.52 crore on the BSE. Revenues during the quarter jumped 68 per cent year-on-year to Rs 1,414 crore.
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