Uber Likely To Sell Its 7.8% Stake in Zomato for Rs 2,938 Crore, Say Reports
The offer is expected to come with a price range of Rs 48-54 per share, equivalent to 612 million or 7.8 per cent of total outstanding shares.
New Delhi, August 2: Uber is likely to sell its 7.8 per cent stake in online food delivery platform Zomato that could be worth around Rs 2,938 crore ($373 million), multiple reports said on Tuesday. The offer is expected to come with a price range of Rs 48-54 per share, equivalent to 612 million or 7.8 per cent of total outstanding shares.
CNBC TV18 was first to report on the development. Uber received a stake in Zomato after selling off its food delivery business in India to the food aggregator in a transaction in 2020. Zomato shares closed 19.96 per cent up, at Rs 55.60 on Tuesday. Zomato Shares Jump Nearly 20% After June Quarter Earnings.
Its stock has lost over 60 per cent of it value this year. Zomato reported Rs 185.7 crore in consolidated loss for the quarter ending June 30, compared to a loss of Rs 359.7 crore in the previous quarter.
(The above story first appeared on LatestLY on Aug 03, 2022 10:23 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).