Uber sells its entire 7.7% stake in Zomato

4 Aug 2022 , 07:48 AM

Uber, a taxi aggregator, sold its full 7.78 percent investment in Zomato on August 3, thus ending its relationship with the dominant Indian food delivery company. According to information released by BSE, the business sold 61,21,99,100 shares in total at a price of Rs 50.44 each.

According to the ownership pattern disclosed to stock markets, Uber had the same number of shares in Zomato as of June 30, 2022. The Fidelity Investment Trust Fidelity Series Emerging Markets Opportunities Fund purchased the majority of the offloaded shares, purchasing 5.44 crore of them for Rs50.26 each, according to stock market data.

At a cost of Rs50.25 per share, ICICI Prudential Life Insurance purchased 4.5 billion shares, it was revealed. CNBC TV18 reported on the block transaction that allowed Uber to sell its 7.8% share in Zomato on August 2. It was anticipated that the deal will bring in Rs2,938 crore, or $373 million.

Uber stated in its earnings report a day before selling its 7.8% share in the business that its Zomato assets had resulted in an unrealized gain (loss) of $707 million in the first half of 2022. As of July 23, the one-year lock-in period for pre-IPO investors came to an end, and Zomato’s shares saw significant selling pressure.