Uber likely to sell stake in Zomato in mega block deal tomorrow: Report

Uber Technologies is likely to sell a 7.8% stake in food delivery firm Zomato through a $373-million block deal on Wednesday, according to a source familiar with the matter and a document seen by Reuters.

The offer size of $373 million was based on the lower end of a Rs 48-Rs 54 price range set for the block deal, the document showed.

BofA Securities is the sole bookrunner for the deal.

Shares of Zomato on Tuesday jumped nearly 20 per cent after the company said its loss in June quarter almost halved.

The stock climbed 19.96 per cent to settle at Rs 55.60 — its upper circuit limit — on the BSE.