Zomato raises Rs 8,500 Cr via QIP for growth: Rediff Moneynews

Zomato has raised Rs 8,500 crore through a qualified institutional placement (QIP) to fund its growth targets. Shares of the company closed at Rs 280.15 on Friday.

New Delhi, Nov 29 (PTI) Food delivery aggregator Zomato on Friday said it has raised Rs 8,500 crore by selling shares to qualified institutional investors to fund its growth targets.

Zomato CEO Deepinder Goyal had earlier said that the proposed fundraise was aimed at strengthening its balance sheet.

The company opened its Qualified Institutional Placement (QIP) offering on November 25, which closed on Thursday.

In a regulatory filing, the company informed that the fundraising committee of its board of directors has approved the allotment of 33,64,73,755 (33.65 crore) shares to eligible qualified institutional buyers for an award issue of Rs 252.62 each, making a total of Rs 8,500 crore.

These shares were allotted to investors at a 5 per cent discount to the floor price, which was fixed at Rs 265.91 per share.

Zomato shares were trading at Rs 280.15 apiece at 2:26 pm on Friday, down 2.08 per cent.

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