Online food ordering aggregator Zomato on Friday said it had raised Rs 8,500 crore by selling shares to qualified institutional investors to meet its growth targets. The company’s CEO Deepinder Goyal had earlier said that the aim of the proposed fund raising is to strengthen its balance sheet. According to PTI News, the company opened its Qualified Institutional Placement (QIP) issue on November 25, which closed on Thursday.
Approval to allocate shares
According to the news, in documents filed with a regulator, the company said that the fundraising committee of its board of directors approved allocating 33,64,73,755 (Rs 33.65 crore) shares to eligible institutional buyers at the issue price of Rs 252.62 per share. , for a total amount of 8,500 million rupees. These shares were allotted to investors at a discount of 5 per cent from the minimum price, which was set at Rs 265.91 per share. At 2:26 pm on Friday, Zomato shares were trading at Rs 280.15 per share, down 2.08 per cent.
facing the ICC investigation
Zomato, which is facing a CCI probe for anti-competitive activities, said a few days ago that it complies with the country’s laws. Following an investigation by the Competition Commission of India (CCI), the company called the news in which Zomato allegedly giving preference to some restaurant partners misleading.
Financial results of the company.
Zomato Ltd reported a consolidated net profit of Rs 176 crore in the July-September quarter. The company’s integrated operating income during the period under review stood at Rs 4,799 crore. Its total expenditure during this period was Rs 4,783 crore, while in the same period last year it was Rs 3,039 crore. Zomato had said that the September quarter and first half results cannot be compared with other quarterly and half-year results.
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