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HomeBusinessUber Likely To Sell 7.8% Stake In Zomato: Report

Uber Likely To Sell 7.8% Stake In Zomato: Report

Uber is prone to promote a 7.8% stake in meals supply agency Zomato.

New Delhi:

Uber Technologies is the possible vendor of a 7.8% stake in meals supply agency Zomato being disposed of by way of a $373 million block deal on Wednesday, in line with a supply with direct information of the matter.

The supply dimension of 612 million shares value $373 million is predicated on the decrease finish of a 48-54 rupee worth vary set for the block deal, a time period sheet seen by Reuters said, including that might be at a 2.8%-13.6% low cost to the newest shut.

Zomato and Uber didn’t instantly reply to a request for remark. Shares in Zomato rose 20% to 55.55 rupees on Tuesday.

BofA Securities is the only real bookrunner for the deal. The time period sheet didn’t identify the potential vendor.

On Monday, Zomato stated it had recorded extra orders and narrowed its loss for the June quarter to 1.86 billion rupees ($23.67 million) from 3.56 billion rupees a 12 months earlier.

Uber on Tuesday reported a internet lack of $2.6 billion for second quarter of 2022, of which $1.7 billion was associated to its fairness investments, together with its Zomato stake.

(Except for the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)

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