Home Business Info Edge to sell Zomato shares in upcoming IPO

Info Edge to sell Zomato shares in upcoming IPO

Info Edge to sell Zomato shares in the upcoming IPO. The shares of Zomato are worth ₹750 crores in IPO. This announcement to sell off the stakes worth a whopping sum of ₹750 crore has assumed significance as the IPO of Zomato is considered as one of the most keenly anticipated waits in the recent history of the capital market.

April 28, 2021: Info Edge to sell Zomato shares. Info Edge India Ltd on Tuesday said that it will be selling its stake worth ₹750 crore in Zomato’s upcoming public offering.

Info Edge to sell Zomato shares

Info Edge to sell Zomato shares. The shares of Zomato are worth ₹750 crores in IPO. The Info Edge Limited shared in a regulatory filing, that the company’s board has given its approval in order to participate in the said OFS of up to such a number of shares of the Zomato Limited as would rise up to ₹750 crores.

Info-edge-to-sell-zomato-shares-ut
Image: Utkal Today

Info Edge to sell Zomato shares in upcoming IPO

Info Edge stated in a regulatory BSE filing that, “This is to inform you that Zomato Limited is proposing an IPO of its Equity Shares, comprising a fresh issue of Equity Shares by Zomato Limited (‘Fresh Issue’) and an Offer For Sale by Info Edge (India) Limited (‘Offer For Sale’). The Board of Directors of the Company today considered and have given their approval to the Company to participate in the said Offer for Sale of up to such number of shares of Zomato Limited as would aggregate up to Rs 7,500 million (Rs 750 crore), the terms and conditions of which will be specified in the Draft Red Herring Prospectus, the Red Herring Prospectus and the Prospectus, and in certain other offer documents and agreements.”

Also read: Zomato adds new independent directors, four members come on board

Offer for sale

Info Edge Limited said it would be selling the stakes which are summing up to a total worth of ₹750 crores in Zomato Limited which is Info Edge Ltd’s investee company. And this is to be done through the OFS (Offer For Sale) in the upcoming IPO (Initial public offering) of Zomato.

This announcement to sell off the stakes worth a whopping sum of ₹750 crore has assumed significance as the IPO of Zomato is considered as one of the most keenly anticipated waits in the recent history of the capital market. Reportedly, sources in the month of March this year had shared that Zomato Limited would raise a huge amount of $750 million to $1 billion via its planned IPO and that too without any share sales or investor exits.

By: Namasya Nandini Swain

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