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Online food order aggregator Zomato on Friday said it has raised Rs 8,500 crore by selling equity shares to qualified institutional investors to fund its growth objective. The company’s CEO Deepinder Goyal had earlier said the proposed fundraising was aimed at strengthening its balance sheet. The company opened its qualified institutional placement (QIP) issue on November 25, which closed on Thursday, PTI reported.
Approval to allot shares
According to the news, in a paper filed with a regulator, the company said that the fundraising committee of its board has approved the allotment of 33,64,73,755 (33.65 crcroresshares to eligible qualified institutional buyers at an issue price of Rs 252.62 per share, aggregating to Rs 8,500 crore. These shares were allotted to investors at a 5 percent discount to the floor price, which was fixed at Rs 265.91 per share. At 14:26 on Friday, Zomato shares were trading 2.08 ppercentlower at Rs 280.15 per share.
Facing CCI investigation
Zomato, which is facing a CCI investigation for anti-competitive activities, claimed a few days ago that it complies with the laws of the country. On the investigation of the Competition Commission of India (CCI), the company had termed as leading the reports that Zomato allegedly gave preferential treatment to some restaurant partners.
financial results of the company
Zomato Limited has reported a consolidated net profit of Rs 176 crore in the July-September quarter. The company’s consolidated operating revenue stood at Rs 4,799 crore during the period under review. Its total expenditure during this period was Rs 4,783 crore as against Rs 3,039 crore in the same period a year ago. Zomato had said that its results for the September quarter and first half cannot be compared with other quarters and half-yearly results.
