Zomato on Thursday said investment firm Tiger Global has nearly halved its stake in the company to 2.77% by selling more than 18.45 crore of shares on the open market.
Tiger Global’s Internet Fund VI Pte Ltd held a 5.11% stake in the online food delivery platform prior to the sale.
Between July 25 and August 2, 2022, the fund sold over 18.45 crore of shares, representing 2.34% of the company’s shares on the open market, Zomato stated in a regulatory filing.
After the sale, Internet Fund VI Pte Ltd has a 2.77% stake in Zomato, it added.
On Wednesday, ride-hailing app Uber sold off 61.2 crore shares of Zomato stock for Rs. 3,088 crore through open market trading.
The shares were liquidated at an average price of Rs. 50.44 per person, take the transaction value to Rs. 3,087.93 crore.
Uber acquired a stake in Zomato after it acquired local food business UberEats in an all-stock deal in 2020.
Reuters report on Tuesday that the block deal’s offering size was set at 612 million shares, which, according to its terms sheet, did not disclose the seller.
One of the sources said the shares were bought by about 20 global and Indian funds, including Fidelity, Franklin Templeton and India’s ICICI Prudential.
Fidelity could not be immediately reached for comment, while Franklin and ICICI declined to comment.
Meanwhile, Zomato’s stock fell as much as 6.8% on Wednesday, in its steepest drop in more than a week. Shares pared some of their losses and were trading down 2.6% at 0614 GMT.
BofA Securities was the sole rating service provider for Wednesday’s trading.