Zomato’s board is likely to review and approve the foodtech major’s proposal to raise INR 8,500 Cr (about $1 Bn) at its meeting scheduled for October 22
The Deepinder Goyal-led company could also seek approval from the Reserve Bank of India (RBI) to restrict the shareholding of foreign institutional investors in the company at 49%
In an exchange filing dated October 17, Zomato said it would seek approval from its board to raise funds by issuing equity shares via qualified institutions placement.
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Zomato’s board is likely to review and approve the foodtech major’s proposal to raise INR 8,500 Cr (about $1 Bn) at its meeting scheduled for October 22 — in what would be the first fundraise by the company since its Dalal Street debut in 2021.
The Deepinder Goyal-led company could also seek approval from the Reserve Bank of India (RBI) to restrict the shareholding of foreign institutional investors in the company at 49%, CNBC-TV18 reported, citing sources.
If Zomato’s board of directors approve the proposal, it would allow the company to increase domestic shareholding in the company above 50%.
In an exchange filing yesterday (October 17), the company said it would seek approval from its board to raise funds by issuing equity shares via qualified institutions placement.
It is pertinent to note that the company will also disclose its Q2 FY25 earnings on October 12.
(The story will be updated soon)
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