After Tiger Global, a hedge fund firm said that it had effectively sold 18 crore shares of online food delivery aggregator Zomato in the week following the expiration of the one-year lock-in period for pre-IPO investors on July 23, Zomato shares were trading down on Thursday.
Before the lock-in expired, Tiger Global investment vehicle Internet Fund IV owned a 5.11 percent ownership in Zomato. Its current stake is 2.77 percent.
According to a source, Uber Technologies sold its 7.8% share in food delivery aggregator Zomato in a large block transaction on stock exchanges yesterday. According to the article, Uber completed the transaction for $392 million.
According to Reuters, which cited two people familiar with the transaction, the block offer for Zomato was carried out for 50.44 rupees per share. This information was released a day after it was revealed that the ride-hailing company Uber would sell at least 612 shares of its interest in Zomato.
According to information available on the BSE, the company sold a total of 61,21,99,100 shares in a block sale for Rs 50.44 each. According to the shareholding pattern disclosed to stock exchanges as of June 30, 2022, Uber held the same number of shares in Zomato.
At an average price of Rs. 50.26, Fidelity’s emerging market fund purchased 5.44 crore shares of Zomato today. For Rs. 50.25 a share, ICICI Prudential Life Insurance purchased 4.5 crore shares.
Following Zomato’s acquisition of Uber Eats, a local food delivery service, in an all-stock deal in 2020, Uber purchased a stake in Zomato.
According to the block deal data, among others, venture capital firm Moore Strategic Ventures sold all 4.25 crore of its shares in the company for Rs 44 each.
Before the food tech company’s initial public offering, Moore purchased the stocks for Rs 191 crore, resulting in a total trade volume of about Rs 187 crore. Moore has therefore recorded a loss on the investment of almost Rs 4 crore.
Zomato shares increased on Thursday, with the company recovering and rising 2.26 percent to Rs 56.65 in afternoon trade after falling 1.62 percent during a choppy session. It rose as much as 3.7% in early trades, reaching an intraday high of Rs 57.45.