Eternal (Zomato parent) to see 0.5% stake sale via Rs 1,500 crore block deal on Dec 8.
Summary
An institutional investor is set to offload a 0.5% stake in Eternal, Zomato's parent company, on December 8, 2024, through a block deal valued up to Rs 1,500 crore. This development is significant due to its impact on the company's valuation and the competitive landscape of the quick-commerce sector, especially considering capital-raising activities by rivals.
Key Points
- Eternal, the parent company of Zomato, is involved.
- A 0.5% stake will be offloaded.
- The block deal is valued up to Rs 1,500 crore.
- The date of the stake sale is December 8, 2024.
- The quick-commerce sector is experiencing significant activity.
Full Article
Eternal, Zomato's parent company, will see a 0.5% stake offloaded by an institutional investor on December 8, valued up to Rs 1,500 crore at a slight discount. This stake sale occurs amidst significant capital-raising activities by rivals Zepto and Swiggy in the quick-commerce sector. Eternal's shares have shown mixed performance, with a recent decline despite positive year-to-date and six-month trends.