Zomato raises ₹8,500 crore by way of Certified Institutional Placement at ₹252.62 per share

Meals supply aggregator Zomato has raised ₹8,500 crore by promoting fairness shares to certified institutional traders. File
| Picture Credit score: Reuters

Meals supply aggregator Zomato has raised ₹8,500 crore by promoting fairness shares to certified institutional traders, primarily home mutual fund homes, to fund its enlargement and progress plans.

Zomato, which additionally owns quick-commerce agency Blinkit, had launched its Certified Institutional Placement (QIP) subject on November 25, which closed on Thursday.

In a regulatory submitting on Friday, Zomato knowledgeable that it has raised ₹8,500 crore via a Certified Institutional Placement (QIP) subject. That is the primary main fundraise because the firm acquired listed on the inventory exchanges in July 2021.

The Fund Elevating Committee of Zomato’s board authorized the allotment of 33,64,73,755 (33.65 crore) shares to eligible certified institutional patrons at a difficulty value of ₹252.62 apiece, aggregating to ₹8,500 crore.

These shares have been allotted to traders at 5% low cost from the ground value, which was fastened at ₹265.91 per share.

4 home mutual fund homes — ICICI Prudential, Motilal Oswal, HDFC and Kotak — have been allotted over 5% of the fairness shares provided within the QIP subject.

Motilal Oswal emerged as the largest participant selecting up 21% share of the allocation by investing round ₹1,750 crore.

Just lately, Zomato CEO Deepinder Goyal had stated that the proposed fundraise is supposed to strengthen its steadiness sheet.

The funds raised via the QIP subject might be used for the expansion and enlargement plans of Zomato in addition to its fast commerce enterprise Blinkit.

Zomato has 4 companies at current together with meals supply, quick-commerce (Blinkit), business-to-business (B2B) provide arm Hyperpure and District, a platform for customers to ebook eating, films, dwell performances, sports activities occasions, procuring, and staycations.

As per the most recent shareholding sample, public shareholding stood at 98.73% in Zomato. The corporate’s Founder and CEO Deepinder Goyal holds 4.18% as he’s listed amongst public shareholders.

Zomato has a market cap of practically ₹2.47 lakh crore. The corporate’s shares closed at ₹279.50 apiece on Friday, down 2.31% from their earlier shut on the BSE.