Uber likely to exit Zomato on Wednesday; puts entire 7.8% stake on block

Uber has decided to put its entire 7.8 per cent stake in restaurant aggregator Zomato on the block, according to people in the know.

The ride-hailing giant obtained this stake when Uber Eats’ India business was acquired by the food delivery major in January 2020 in a non-cash deal. The deal was then valued at Rs 1,376 crore.

According to a term sheet, total 612 million shares of Zomato would be up for sale at a price band of Rs 48- Rs 54 apiece. At the lower end, the share sale would fetch Rs 2,939 crore, while at the top end, the deal size could be Rs 3,305 crore. This block transaction is likely to take place on Wednesday.