Monday, November 28, 2022

Info Edge to sell Rs 750 crore shares of Zomato in IPO

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Info Edge Limited said on April 27 that it would offer a stake of Rs 750 crore in its investment company Zomato Limited through the Offer for Sale (OFS) in the subsequent initial public offering (IPO).

“This is to inform you that Zomato Limited is proposing an IPO of its equity shares, including a fresh issue of equity shares by Zomato Limited (‘Fresh Issue’) and Info Edge (India) Limited (‘Offer for Sale) There is an offer for. Sale ‘), “it said in a regulatory filing.
Info Edge currently holds about 19 percent stake in the Food Age aggregator company.

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“The Board of Directors of the company considered today and has given its approval to the company to participate in the said proposal for the sale of such shares of Zomato Ltd., which will total up to Rs 7,500 million (Rs 750 crore), terms and conditions. Shall be specified in the draft red herring prospectus, red herring prospectus and prospectus, and in some other proposal documents and agreements, “Info Edge states in its BSE filing.
The announcement of selling bets worth Rs 750 crore is significant, as Zomato’s IPO is the most awaited in recent capital market history.
Zomato will be one of the first tech unicorns in India to be listed. In March, the report said that the Deepinder Goyal-led company would raise $ 750 million to $ 1 billion through its planned IPO – with no investor to exit or sell.

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Ahead of the possible listing on the exchanges, Zomato is on the verge of closing a $ 500 million investment that would give the Gurugram-based company a value of around $ 5.5 billion.
Existing investors Tiger Global, Cora Investments, Steadview, Fidelity, Bow Wave, Wee Capital, along with the new backer Dragoneer Group, will participate in the financing round, the report said in January.

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