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Investors’ Exit Run Continues in Zomato As Tiger Global Slashes Holding By Half

Stock Markets Aug 04, 2022 07:17
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By Malvika Gurung

Investing.com -- The streak of investors exiting/paring their stakes in the food delivery platform Zomato (NS:ZOMT) since its mandatory one-year lock-in period for investors and employees ended last week continues as hedge fund Tiger Global has sold half of its stake in the company.

The online food aggregator informed on Thursday that investment firm Tiger Global offloaded over 18.45 crore equity shares of the company in the open market, bringing down its shareholding from 5.11% to 2.77%.

Zomato said in a regulatory filing that between Jul 25-Aug 2, 2022, Tiger Global's Internet Fund VI Pte cut almost 2.34% stake held in the company in the open market, and now holds a 2.77% stake in it.

On Wednesday, Uber Technologies sold its entire holding of 7.8% in Zomato or 61.22 crore shares for Rs 50.44 apiece through a block deal.

Institutional investors ICICI Prudential (LON:PRU) Life Insurance and Fidelity purchased stakes in the new-age digital stock.

Last week, investment company Moore Strategic Ventures sold off its entire holding of 4.25 crore equity shares in Zomato at Rs 44 apiece for Rs 187 crore, booking a loss of Rs 4 crore on the investment.

Zomato’s mandatory 1-year lock-in period for about 78% of the stock or nearly 613 crore equity shares ended on Jul 23 and analysts had forecasted the food-delivery major’s shares to experience sell-off pressures in the coming weeks.

Read Also: Zomato Recoups From 10% Crash, Uber Stake Sale Confirmed By Sources

Investors’ Exit Run Continues in Zomato As Tiger Global Slashes Holding By Half
 

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