Uber Sells 7.8 % Stake in Zomato For Rs 3,088 Crore

Ride-hailing app Uber on Wednesday offloaded 61.2 crore shares of online food delivery aggregator Zomato Ltd for Rs 3,088 crore through an open market transaction.

According to bulk deal data available with BSE, Uber BV sold 61,21,99,100 shares, amounting to 7.8 per cent stake in the company. The shares were disposed of at an average price of Rs 50.44 apiece, taking the transaction value to Rs 3,087.93 crore.

Fidelity Investment Trust Fidelity Series Emerging Markets Fund and ICICI Prudential Life Insurance Company Ltd picked up 5,44,38,744 and 4,50,00,000 shares of the company, respectively. Uber picked up the stake in Zomato after the latter acquired its local food business UberEats in an all-stock deal in 2020.

Later, Zomato listed on the bourses and the stock had been under selling pressure for the past few weeks till the news of halving of losses and business reorganisation heightened buyers' interest. Shares of Zomato closed 0.36 per cent lower at Rs 55.40 on BSE on Wednesday.

(PTI)