Uber likely to sell 7.8% stake in Zomato

Uber Technologies is the likely seller of a 7.8 per cent stake in Indian food delivery firm Zomato being disposed of via a $373 million (Rs 2,900 cr) block deal on Wednesday, according to a source with direct knowledge of the matter.

The offer size of 612 million shares worth $373 million is based on the lower end of a Rs 48-54 price range set for the block deal, a term sheet seen by Reuters stated, adding that would be at a 2.8 per cent-13.6 per cent discount to the latest close.

Zomato and Uber did not immediately respond to a request for comment. Shares in Zomato rose 20 per cent to Rs 55.55 on Tuesday.