Uber may sell 7.8% stake in Zomato via block deal

New Delhi: Uber Technologies is likely to sell a 7.8% stake in Indian food delivery firm Zomato through a $373 million block deal on Wednesday, according to a source familiar with the matter and a document seen by Reuters.

The offer size of $373 million was based on the lower end of a 48-54 rupee price range set for the block deal, the document showed. Read More: Sheryl Sandberg officially steps down as Meta COO

BofA Securities is the sole bookrunner for the deal. Read More: BharatPe’s ex-CEO and Shark Tank judge Ashneer Grover singing kirtans? Check the viral video again

Shares of online food delivery platform Zomato on Tuesday jumped nearly 20 per cent after the company said its loss in June quarter almost halved.

The stock climbed 19.96 per cent to settle at Rs 55.60 -- its upper circuit limit -- on the BSE.

At the NSE, it zoomed 19.97 per cent to Rs 55.55.

The company's market valuation also climbed Rs 7,283.52 crore to Rs 43,777.52 crore on the BSE.

In traded volume terms, 803.27 lakh shares were traded at the BSE and over 52.88 crore shares at the NSE during the day.

Zomato on Monday said its consolidated net loss in the first quarter of current financial year almost halved to Rs 186 crore due to higher income.

The company had reported a net loss of Rs 360.7 crore in the year-ago period.

During the quarter under review, total income rose to Rs 1,582 crore from Rs 916.6 crore in the corresponding period last year.