Uber Technologies likely to sell 7.8% stake in Zomato through block deal

Uber Technologies is likely to sell its 7.8% stake in online food ordering platform Zomato through a block deal on Wednesday to raise up to Rs 3,300 crore ($420 million), according to a term sheet issued by BofA Securities, the sole bookrunner for the deal.

The sale has been fixed at Rs 48-Rs 54 apiece, a discount of 2.8-13.6% to Tuesday’s closing price of Rs 55.55 on the National Stock Exchange.

At the lower end of the price band, the sale could fetch Rs 2,939 crore or $373 million.