Info Edge will now only sell shares worth ₹375 crore in Zomato IPO
Info Edgewas initially planning to sell shares worth ₹750 crore in the upcoming Zomato IPO.
- The Sanjeev Bikhchandani-led company is the biggest stakeholder in Zomato, followed by Uber.
- Zomato is looking to raise ₹8,250 crore or $1.1 billion in its upcoming
AdvertisementInfo Edge has reconsidered its offer to sell shares worth ₹750 crore in the upcoming initial public offering (IPO) of food delivery app Zomato. The Sanjeev Bikhchandani-led Indian internet company will now be selling only 50%, or ₹375 crore, of the initial offer as offer-for-sale (OFS) in Zomato’s IPO.
Info Edge, in a stock exchange filing released on July 4, said, “The Committee of Executive Directors of the Company, having been duly authorised in this regard, have considered and given their approval today (further to the resolution passed by the Board of Directors of the Company on April 27, 2021) for a reduction in the size of the Offer for Sale by the Company to the extent permitted under the
Business Insider has reached out to Info Edge seeking further clarification on the same.
Zomato had filed its draft red herring prospectus (DRHP) with the market regulator
Currently, Info Edge is the biggest stakeholder in
There are a few reasons why Zomato wants $8 billion valuation from its IPO — here's a look at if it makes sense
Food delivery firm Zomato elevates former CFO Akriti Chopra as co-founder, ahead of its IPO
Failure to pivot, COVID-19 blues force Amazon-backed Shuttl to look for a buyer
Popular on BI
- Public food stockholding: India urges WTO members to start text-based talks
- US urges India to cooperate with Canada in Nijjar investigation
- Sensex, Nifty fall in morning trade on unabated foreign fund outflows
- Vistara, Air India in expansion mode with daily non-stop flights to Maldives and Doha
- JSW Infra lists at 20% premium in-line with grey market expectations