Info Edge to sell Zomato shares worth Rs 750 crore in IPO


The corporate's board has given its approval to determine half within the mentioned OFS of up to such different of shares of Zomato Runt as would mixture up to Rs 750 crore, Info Edge mentioned in a regulatory filing.

April 28, 2021 / 07: 07 AM IST

Representative image

Representative image

Info Edge Runt on April 27 mentioned that it might per chance per chance perhaps perhaps be selling stakes worth Rs 750 crore in its investee company Zomato Runt by Provide For Sale (OFS) within the latter's upcoming initial public offering (IPO).

"Here is to articulate you that Zomato Runt is proposing an IPO of its Fairness Shares, comprising a recent disaster of Fairness Shares by Zomato Runt ('Recent Scenario') and an Provide For Sale by Info Edge (India) Runt ('Provide For Sale')," it mentioned in a regulatory filing.

Info Edge within the interim holds round 19 percent stake within the food provide aggregator company.

Moreover Learn: Zomato to raise up to $1 billion from merchants ahead of IPO: File

"The Board of Directors of the Company this day contrivance to be and cling given their approval to the Company to determine half within the mentioned Provide for Sale of up to such different of shares of Zomato Runt as would mixture up to Rs 7,500 million (Rs 750 crore), the terms and stipulations of which is able to be laid out within the Draft Red Herring Prospectus, the Red Herring Prospectus and the Prospectus, and in certain other provide documents and agreements," Info Edge extra acknowledged in its BSE filing.

The announcement to sell off stakes worth Rs 750 crore assumes significance, as Zomato’s IPO is one in every of the most keenly awaited in contemporary capital market history.

Zomato might per chance perhaps perhaps be among the first tech unicorns in India to be listed. Reports had in March mentioned that the Deepinder Goyal-led company would elevate $750 million to $1 billion by its deliberate IPO – without investor exits or portion gross sales.

Before a doubtless checklist on exchanges, Zomato is on the verge of closing a $500 million investment that would worth the Gurugram-essentially essentially based company at round $5.5 billion.

Present merchants Tiger World, Kora Investments, Steadview, Constancy, Bow Wave, Vy Capital along with new backer Dragoneer Community, will decide half within the financing round, reports mentioned in January.

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