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Zomato on Thursday stated funding agency Tiger World has diminished its stake within the firm by nearly half to 2.77 % by promoting over 18.45 crore shares within the open market.
Tiger World’s Web Fund VI Pte Ltd had a holding of 5.11 % within the on-line meals supply platform earlier than the sale.
Between July 25- August 2, 2022, the fund offered over 18.45 crore shares aggregating to 2.34 % stake within the firm within the open market, Zomato stated in a regulatory submitting.
Put up the sale, Web Fund VI Pte Ltd has 2.77 % stake in Zomato, it added.
On Wednesday, ride-hailing app Uber had offloaded 61.2 crore shares of Zomato for Rs. 3,088 crore by an open market transaction.
The shares had been disposed of at a mean value of Rs. 50.44 apiece, taking the transaction worth to Rs. 3,087.93 crore.
Uber picked up the stake in Zomato after the latter acquired its native meals enterprise UberEats in an all-stock deal in 2020.
Reuters reported on Tuesday that the provide measurement of the block deal was set to be for 612 million shares, in keeping with its time period sheet, which didn’t disclose the vendor.
One of many sources stated the stake was purchased by round 20 international and Indian funds, together with Constancy, Franklin Templeton and India’s ICICI Prudential.
Constancy couldn’t instantly be reached for remark, whereas Franklin and ICICI declined to remark.
In the meantime, shares of Zomato fell as much as 6.8 % on Wednesday, of their largest drop in additional than every week. The inventory minimize some losses and was buying and selling down 2.6 % by 0614 GMT.
BofA Securities was the only bookrunner for Wednesday’s transaction.
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