Uber likely to sell stake in Zomato in mega block deal tomorrow: Report

Uber Technologies is likely to sell a 7.8% stake in food delivery firm Zomato through a $373-million block deal on Wednesday, according to a source familiar with the matter and a document seen by Reuters.

The offer size of $373 million was based on the lower end of a Rs 48-Rs 54 price range set for the block deal, the document showed.

BofA Securities is the sole bookrunner for the deal.

Shares of Zomato on Tuesday jumped nearly 20 per cent after the company said its loss in June quarter almost halved.

The stock climbed 19.96 per cent to settle at Rs 55.60 — its upper circuit limit — on the BSE.

At the NSE, it zoomed 19.97 per cent to Rs 55.55.

The company’s market valuation also climbed Rs 7,283.52 crore to Rs 43,777.52 crore on the BSE.

In traded volume terms, 80.3 million shares were traded at the BSE and over 528.8 million shares at the NSE

during the day. Zomato on Monday said its consolidated net loss in the first quarter of current financial

year almost halved to Rs 186 crore due to higher income.

The company had reported a net loss of Rs 360.7 crore in the year-ago period.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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