Food delivery aggregator Zomato has approved and authorised the opening of its Qualified Institutional Placement (QIP), setting the floor price at Rs 265.91 per share.
The company earlier stated it plans to raise Rs 8,500 crore via the QIP offering.
Zomato CEO Deepinder Goyal had shared that the proposed fundraise is meant to strengthen its balance sheet.
In a regulatory filing on Monday, the food delivery platform said the Fund Raising Committee of the Board has approved and authorised the opening of the issue.
“We further wish to inform you that the ‘relevant date’ for the purpose of the issue, in terms of Regulation 171(b)(i) of the SEBI ICDR (Issue of Capital and Disclosure Requirements) Regulations, is November 25, 2024…,” it said.
Accordingly, the floor price, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs 265.91 per equity share, the filing said.
“Pursuant to Regulation 176(1) of a special resolution on November 22,
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