Offer For Sale In Zomato IPO Revised By Info Edge To Half, Rs 375 Cr
- ByStartupStory | July 5, 2021
Info Edge, in a stock exchange filing, notified slashes the offer for sale (OFS) in the Zomato IPO by half to Rs 375 crore from the initial plan to sell shares worth Rs 750 crore. Sanjeev Bikhchandani-led Info Edge is the largest shareholder in foodtech unicorn Zomato with an 18.55 percent stake.
“The Committee of Executive Directors of the company, having been duly authorised in this regard, have considered and given their approval today for a reduction in the size of the Offer for Sale by the Company to the extent permitted under the SEBI, such that the revised Offer for Sale by the Company would comprise of such number of Equity Shares held by the Company in Zomato, as would aggregate upto Rs 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,” as per a statement released on July 4 by Info Edge.
Zomato’s FY20 revenue had jumped over two-fold to $ 394 million as compared to the previous fiscal.
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