Zomato board to consider raising funds via qualified institutional placement on October 22 | Stock Market News
Source: Live Mint
Food delivery giant Zomato on Thursday, October 17 announced that a meeting of its board of directors is slated for next week to consider raising funds via qualified institutional placement (QIP). The said meeting is slated to take place on Tuesday, October 22.
“… a meeting of board of directors of the Company is scheduled to be held on Tuesday, October 22, 2024, inter-alia, to consider and approve raising of funds by issuance of equity shares by way of qualified institutions placement, as may be permitted under applicable laws, subject to such regulatory/statutory approvals, including the notice for
the postal ballot for obtaining the shareholders’ approval in this regard, as may be required,” Zomato said in an exchange filing today.
If approved, this will be the first capital raise by Zomato after its stock market debut three years ago. The fundraising comes at the time when its rival Swiggy is looking to hit the primary market for its initial public offering (IPO).
The company’s board will consider the unaudited financial results for the quarter and half year ended September 2024 on the same day next week.
