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Shares of Zomato were trading lower at ₹264.95 as of 10:36 am on the BSE. The stock opened at ₹256.05, around 5 per cent lower than the previous close on Thursday, a day after the company announced that its board will consider fundraising through a qualified institutional placement (QIP) on October 22. It hit a high of ₹270.65 and a low of ₹256.00 in today’s session.
In a regulatory filing, the company said that a meeting of the board of directors is scheduled for Tuesday, October 22, 2024.
Additionally, the company stated that it is considering raising funds through the issuance of equity shares by way of a qualified institutional placement, as may be permitted under applicable laws, subject to such regulatory/statutory approvals. This includes the notice for the postal ballot to obtain shareholders’ approval, as may be required.
On October 22, the board will also approve the second quarter results for the financial year 2024-2025.
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