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Info Edge, Zomato’s largest shareholder, has halved its offer for sale (OFS) size in the latter’s IPO to ₹375 crore, from ₹750 crore as planned earlier.
Info Edge in an exchange filing on July 4 said, “The revised OFS by the company would comprise of such number of equity shares held by the company in Zomato, as would aggregate up to ₹3,750 million, the terms and conditions of which will be specified in the red herring prospectus and the prospectus filed in relation to the offer, and in other offer related documents and agreements.”
Also read: Zomato revenue up at ₹2,604 crore in FY20
Sanjeev Bikhchandani-led Info Edge is the largest shareholder in food-tech company with an 18.55 percent stake.
According to reports, Security Exchanges Board of India (SEBI) has approved Zomato’s IPO offer. It is likely to hit the markets later in July. Zomato plans to raise over ₹8,000 crore. The company plans to use ₹5,625 crore of the net proceeds along with the pre-IPO funding towards funding organic and inorganic growth initiatives.
Earlier last week, Zomato had also approached the Competition Commission of India (CCI) to acquire a stake in e-grocer Grofers.
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