Info Edge shares jump by 2.5% as markets cheer its move to sell ₹750 crore worth shares in the upcoming Zomato IPO
- Info Edge is one of the earliest backers of Zomato, now valued $5.5 billion.
- In a regulatory filing, Info Edge announced on Tuesday evening that it would sell ₹750 crore ($100 million) worth shares in Zomato’s IPO.
- Further details would be shared with Zomato’s Draft Red Herring Prospectus, which the company is expected to file very soon.
And the markets cheered the move – Info Edge share price was up by 2.5% in morning trade as of 9.20 am. However, later as of 9.57 am, it settled at ₹4994.5, a jump of 0.91%.
TOP VIDEOS FOR YOU
In a regulatory filing, Info Edge said, “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 upto ₹7,500 million.”
Further details would be shared with Zomato’s Draft Red Herring Prospectus, which the company is expected to file very soon.
Info Edge, which holds as much as 20% stake in Zomato, has been one of the earliest backers of the company. “When we started investing there was no Softbank, we were in the mindset to start investing in businesses that we understand. One of the first companies we invested in was Zomato – the first cheque we wrote was for a million dollars. They used to do business listings – previews, menus, and we thought acha lag raha hain (looks good). It was not even called Zomato then it was called foodiebay,” Info Edge CEO Hitesh Oberoi had told Business Insider in an interview in 2019.
Info Edge’s core business includes four internet firms that are spread across lucrative industries – recruitment portal Naukri.com, real estate aggregator 99acres.com, matrimony platform Jeevansaathi.com and edtech vertical Shiksha.com.
COVID-19 vaccine phase 3: Anxious Indians are complaining of CoWIN and Aarogya Setu registration being delayed
- Best mini fridge in India in 2021
- Branded fully automatic washing machines for large families
- Best fully automatic washing machines for effortless washing in India
- India is seeking details on the rise in Swiss bank deposits from the South Asian country
- A UN report says India's new IT rules do not conform with international human rights norms