Shares of Zomato Ltd fell as much as 6.8 per cent on Wednesday, of their largest drop in additional than per week, a day after experiences mentioned that Uber Technologies deliberate to promote its whole stake within the Indian meals supply agency.
Uber is the probably vendor of a 7.8 per cent stake in Zomato being disposed of through a $373 million block deal, a supply with direct data of the matter advised Reuters on Tuesday.
The provide measurement of 612 million shares price $373 million relies on the decrease finish of a value vary of 48 rupees-54 rupees set for the block deal, in accordance with a time period sheet seen by Reuters.
Uber and Zomato didn’t instantly reply to Reuters requests for remark.
BofA Securities is the only bookrunner for the deal. The time period sheet didn’t title the potential vendor.
About 12.1 million shares had been exchanged in a block deal priced at 52.5 rupees in pre-open commerce, in accordance with Refinitiv Eikon information.
Zomato shares had been final down 1.5 per cent at 54.7 rupees, with greater than 232 million shares traded, twice their 30-day common.