Food delivery aggregator Zomato is expected to see a big block deal on Wednesday, August 3, multiple reports said on Tuesday. zomato block deal The offer is worth around Rs 2,938 crore or $373 million. The undisclosed seller will hold 621 crore total outstanding shares in the block, which is equivalent to 7.8 per cent stake in Zomato.
While it was not disclosed who the seller was, CNBC TV18 reported that it is likely to be Uber BV, which also holds a 7.8 percent stake in Zomato. The deal price band will be at Rs 48-54 per share, which is a discount of 2.8 per cent to 13.6 per cent over the current market price. Moneycontrol reported that BofA Securities will be the sole bookrunner for the deal.
Based on the news, the shares of Zomato and Uber will be monitored tomorrow. Zomato shares on Tuesday closed 19.96 per cent higher at Rs 55.60, BSE data shows. Amid the ongoing technical sell-off, Zomato stock has lost over 60 per cent of its value on a year-on-year basis.
The news comes at a time when Zomato shares rose nearly 20 per cent in Tuesday’s trade after the online food delivery platform posted a consolidated net loss in the June quarter. The food tech player posted a consolidated loss of Rs 186 crore for the quarter ended June 30, 2022, as compared to a loss of Rs 361 crore in Q1FY22. Revenue during the quarter grew 68 per cent year-on-year to Rs 1,414 crore.
Zomato’s adjusted Ebitda loss for the April-June quarter of the fiscal narrowed to Rs 150 crore from Rs 170 crore in the year-ago period. The company’s market valuation also rose by Rs 7,283.52 crore to Rs 43,777.52 crore on the BSE. “On the profitability front, the food delivery business hit a significant milestone by achieving an adjusted EBITDA break-even in the last quarter. GOV as a percentage grew by 2.8 per cent in Q1FY23 as compared to 1.7 per cent in Q4FY22 driven by improvement in both cost and revenue sides as we indicated in the past,” Zomato CFO Akshant Goyal told BSE. said in a filing on Monday.
“Now that the Zomato-Blinkit deal has been approved, we have three companies – Zomato, Blinkit and Hyperpure – in order of business size/impact. Apart from these three, we also have Feeding India. We are now at a stage in life where we are maturing from running (more or less) a single business to multiple large companies,” Zomato founder and CEO Deepinder Goyal wrote on the company’s Slack channel last week. was.
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