Zomato announces liquidation of Canada subsidiary; Stocks gains over 1%

24 Mar 2022 , 10:12 AM

Zomato Canada Inc., a step-down subsidiary of Zomato Limited (formerly known as Zomato Private Limited and Zomato Media Private Limited) located in Canada is dissolved w.e.f March 22, 2022.

Further, as disclosed in our red herring prospectus dated July 6, 2021 and prospectus dated July 19, 2021 Zomato Canada didn’t had any active business operations.

“Zomato Canada was not a material subsidiary of the Company and the closure of Zomato Canada does not affect the turnover/revenue of the Company,” company said. Zomato Canada’s Net worth was Rs2.51 Million.

At around 10.15 am, Zomato Ltd was trading at Rs81.65 per piece up by Rs0.95 or 1.18% from its previous closing of Rs80.70 per piece on the BSE.