Zomato Set for Major Fundraising with QIP Launch

Zomato has announced the initiation of its Qualified Institutional Placement (QIP) aiming to raise Rs 8,500 crore. The floor price is set at Rs 265.91 per share. This move is intended to bolster the company's balance sheet, and a potential 5% discount may be offered.

Zomato, the food delivery giant, has officially commenced its Qualified Institutional Placement (QIP), establishing the floor price at Rs 265.91 per share. This strategic move is set to raise Rs 8,500 crore, as previously disclosed by the company.

CEO Deepinder Goyal emphasized the importance of this fundraising effort in enhancing the company's financial stability. According to a recent regulatory submission, Zomato's Fund Raising Committee of the Board has sanctioned the issue's initiation.

The 'relevant date' for the offering is November 25, 2024, per SEBI regulations. A provision may allow for a discount of up to 5% on the calculated floor price. Meanwhile, Zomato's stock saw a 2.01% increase, trading at Rs 279.10 on the BSE.

(With inputs from agencies.)