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Food delivery platform Zomato on Friday announced that it raised ₹8,500 crore through a qualified institutional placement(QIP). The shares of Zomato were trading at ₹280.95, down 1.80 per cent on BSE, as the company fixed the QIP price at ₹252.62, discount to Thursday’s closing price of ₹279.55.
The company issued 33,64,73,755 equity shares at an issue price of ₹252.62 per share to institutional investors.
According to its exchange filing , the raised funds will be utilised to bolster the company’s growth initiatives, including expanding its operations, investing in technology, and strategic acquisitions. The company aims to strengthen its market position and enhance its services for both consumers and restaurant partners.
Meanwhile, the stock has entered in the F&O segment from Friday on the NSE.
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