Zomato Board To Meet On Oct 22 To Discuss QIP

Zomato was introduced in 2010. In order to meet their various needs, our technology platform links customers, delivery partners, and restaurant partners. Customers use our platform to find and search restaurants, order food delivery, reserve a table, write and read reviews left by other customers, view and upload photos, and make payments when dining out. However, we also give restaurant partners industry-specific marketing tools that help them attract and grow a customer base in addition to offering a dependable and effective last-mile delivery service. Additionally, we run Hyperpure, a one-stop shop for procurement that provides restaurant partners with premium ingredients and kitchenware. We additionally furnish our delivery partners with clear and adaptable earning prospects.

Through QIP, the Zomato Board is raising Rs. 8500 crore

On Tuesday, October 22, Zomato Ltd., a food delivery aggregator, will hold a board meeting to discuss a proposal to raise funds through a qualified institutional placement (QIP). Through its board meeting, Zomato is probably going to raise approximately Rs. 8,500 crore in funding.

According to the sources, the company plans to apply to the Reserve Bank of India to cap its Foreign Institutional Investment (FII) holding at 49% after completing the fundraising. On October 22, Zomato will also take into account its September quarter results.

Zomato has 12,539 crore in cash on hand

Zomato’s current foreign holding is 50.48% based on its current shareholding pattern; 5.25% of this is classified as foreign direct investment (FDI) and the remaining portion is foreign investment (FII).

Zomato’s cash balance was Rs. 12,539 crore at the end of the June quarter, but that was before the company finalising plans to buy the entertainment ticketing division of Paytm for Rs. 2,048 crore.

Today, the stock of Zomato Ltd. is down 4%

The share price of Zomato Ltd. is currently trading at Rs. 260.00, a 4% decrease from its peak. The stock last traded at Rs. 255.25 following the board members’ decision to fundraise through a QIP.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.