Zomato raises Rs 8,500 cr via qualified institutional placement

By The Capital

On 29 Nov 2024 14:35:58

Zomato raises Rs 8,500 cr via qualified institutional placement

Food delivery aggregator Zomato on Friday said it has raised Rs 8,500 crore by selling equity shares to qualified institutional investors to fund its growth objectives.

Zomato CEO Deepinder Goyal had earlier shared that the proposed fundraise is meant to strengthen its balance sheet.

The company opened its Qualified Institutional Placement (QIP) issue on November 25, which closed on Thursday.

In a regulatory filing, the company informed that the Fund Raising Committee of its Board approved the allotment of 33,64,73,755 (33.65 crore) shares to eligible qualified institutional buyers at an issue price of Rs 252.62 apiece, aggregating to Rs 8,500 crore.

These shares were allotted to investors at 5 per cent discount from the floor price, which was fixed at Rs 265.91 per share.

Zomato shares were trading at Rs 280.15 apiece at 1426 hrs on Friday, down 2.08 per cent.