Zomato Raises Rs 8,500 Crore Through Qualified Institutional Placement

Zomato raised Rs 8,500 crore by selling equity shares to institutional investors to strengthen its balance sheet. Shares were offered at a discount and were trading lower afterward. Zomato's QIP issue opened on November 25 and closed Thursday, with shares allocated to qualified buyers at a specified price.

Zomato, a prominent food delivery aggregator, announced on Friday that it has successfully raised Rs 8,500 crore. The funds were gathered through the sale of equity shares to qualified institutional investors, earmarked to bolster the company's growth strategies and balance sheet.

Zomato's CEO, Deepinder Goyal, had previously disclosed that the capital raised through this initiative would contribute to a stronger financial foundation for the company. The Qualified Institutional Placement (QIP) issue commenced on November 25 and concluded on Thursday.

A regulatory filing revealed that Zomato's Fund Raising Committee has given the green light for the allotment of 33.65 crore shares at an issue price of Rs 252.62 each to eligible institutional buyers. This represented a 5% discount from the floor price of Rs 265.91 per share. At 1426 hrs on Friday, Zomato shares traded at Rs 280.15 apiece, marking a decrease of 2.08%.

(With inputs from agencies.)