Uber sells its entire stake in Zomato, 61 crore shares finalized for Rs 3088 crore

Uber sells its entire stake in Zomato, 61 crore shares finalized for Rs 3088 crore

Mumbai. Online cab service company Uber has sold its 7.8 percent stake in Zomato. In this deal done in the open market, Uber has sold 612 million shares in online food delivery platform Zomato for Rs 3,088 crore. Uber sold its 7.8 per cent stake or 61,21,99,100 shares in Zomato, as per the wholesale deal information available on BSE.

These shares were sold at an average price of Rs 50.44 per share. The value of this deal works out to Rs 3,087.93 crore. Fidelity Investment Trust Fidelity Series Emerging Markets Fund and ICICI Prudential Life Insurance Company Limited bought 5,44,38,744 and 4,50,00,000 shares of the company respectively.

Huge fall in shares
The fall in the shares of Zomato has been a topic of discussion for a long time. At present, for the last three to four sessions, there is a boom in it. Yesterday, on Wednesday, the shares of Zomato closed on the NSE at a price of Rs 55.45. Earlier, the shares of this food delivery company had reached an all-time low of Rs 40. It has seen a decline of about 75 percent from its high.

reduced losses
Zomato’s consolidated net loss declined to Rs 185.7 crore in the April-June quarter of the current financial year. The company’s loss in the same period a year ago was Rs 356.2 crore. At the same time, Zomato had a loss of Rs 359.7 crore in the March 2022 quarter. The company’s gross order value has increased to Rs 6,430 crore in the first quarter of FY 2023.

Zomato’s name may change
Zomato is also working on a plan to change its name. CEO Deepinder Goyal is planning to re-brand the parent company. Zomato can be renamed as ‘Eternal’. According to Bloomberg, the new name of Zomato may be ‘Eternal Limited’. Zomato, a company backed by Ant group company Temasek Holdings Pte and Goldman Sachs Group Inc., said in an internal memo that it is now building such units after the deal with grocery-delivery startup Blinkit, for which at least four separate units are being sold. There will be a separate CEO.

Tags: Deals of the Day, Share market, Stock Markets, Uber, Zomato

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