Zomato shareholders want up to $420m from the block deal. details here

zomato The terms suggest that the shareholder is offering 612 million shares between Rs 48 and Rs 54. This represents a discount of between 2.8% and 13.6% on the stock’s closing price on Tuesday. At the bottom of the range, Holder will raise approximately $373 million. BofA Securities is the sole Bookrunner.

Zomato raised $1.3 billion with its offering nearly a year ago, opening room for Indian startups that attracted investors through a share sale for the first time in the South Asian country. Shares of the Indian online food-delivery platform fell last week after the lock-up period for investors in the company ended before the offering.

Pre-IPO investors in the New Delhi-based company include China’s Ant Group Company, Info Edge India, Uber Technologies Inc and Sequoia Capital. Indian daily Business Standard reported on Tuesday that Uber is the holder of the Zomato stock offering this week. According to data compiled by Bloomberg, Uber holds 612.2m shares in Zomato.

Shares of Zomato jumped 20% on Tuesday, the highest for a session in more than a year, as several block trades changed hands after the release of their quarterly performance reports. The result showed lower-than-expected loss and revenue in line with analyst expectations.

This story has been published without modification in text from a wire agency feed. Only the title has been changed.

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