After Uber, Tiger Global Sells 2.34 Percent Stake in Zomato Over Rs. 18.45 Crore

Tiger Global's Internet Fund VI currently has 2.77 per cent stake in Zomato.

By Press Trust of India | Updated: 4 August 2022 14:52 IST

Photo Credit: Reuters

Tiger Global sells 2.34 percent stake in Zomato

Highlights

Zomato recently announced Tiger Global has reduced stake in the company
Tiger Global sold over 18.45 crore shares
The news comes a day after Uber reported to sold its 7.8 percent stake

Zomato on Thursday said investment firm Tiger Global has reduced its stake in the company by almost half to 2.77 percent by selling over 18.45 crore shares in the open market.

Tiger Global's Internet Fund VI Pte Ltd had a holding of 5.11 percent in the online food delivery platform before the sale.

Between July 25- August 2, 2022, the fund sold over 18.45 crore shares aggregating to 2.34 percent stake in the company in the open market, Zomato said in a regulatory filing.

Zomato Shares Fall Nearly 7 Percent After Reports of Uber Stake Sale

Post the sale, Internet Fund VI Pte Ltd has 2.77 percent stake in Zomato, it added.

On Wednesday, ride-hailing app Uber had offloaded 61.2 crore shares of Zomato for Rs. 3,088 crore through an open market transaction.

The shares were disposed of at an average price of Rs. 50.44 apiece, taking the transaction value to Rs. 3,087.93 crore.

Zomato Shares Fall Nearly 7 Percent After Reports of Uber Stake Sale

Uber picked up the stake in Zomato after the latter acquired its local food business UberEats in an all-stock deal in 2020.

Reuters reported on Tuesday that the offer size of the block deal was set to be for 612 million shares, according to its term sheet, which did not disclose the seller.

One of the sources said the stake was bought by around 20 global and Indian funds, including Fidelity, Franklin Templeton and India's ICICI Prudential.

Fidelity could not immediately be reached for comment, while Franklin and ICICI declined to comment.

Meanwhile, shares of Zomato fell up to 6.8 percent on Wednesday, in their biggest drop in more than a week. The stock cut some losses and was trading down 2.6 percent by 0614 GMT.

BofA Securities was the sole bookrunner for Wednesday's transaction.

Is Pixel 6a the best camera phone under Rs. 50,000? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.