Shares of Zomato Ltd fell up to 10% on the BSE in early deals on Wednesday after an unidentified shareholder offered to sell 612 million shares at a discount, matching a stake held by Uber Technologies. According to data compiled by Bloomberg, Uber holds 612.2 million shares in Zomato.
The shareholder who sold the block trade offered the stock in between 48-54 a piece, according to the terms of the deal seen by Bloomberg News late Tuesday. The discount versus the final closing price was over 13%. BofA Securities is the sole bookrunner of Block Trade.
Zomato shares jumped the most since their first session on Tuesday last 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.
Its consolidated net loss nearly halved in the first quarter of the current fiscal 186 crores due to higher income. The company had posted a net loss of 360.7 crore in the year-ago period.
Consolidated revenue from operations grew 16% during the quarter under review to 1,414 crore 1,212 crore in the March quarter and up 67% from 844 crore a year ago. This was driven by a 10% sequential jump in its Gross Order Value (GOV) 6,430 crore in Q1FY23, which was on account of marginal increase in order volumes and average order values.
(with inputs from Bloomberg)
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