Food delivery platform Zomato Ltd's board will consider fundraising through qualified institutions placement (QIP) on October 22, it said in a regulatory filing.
On October 17, Zomato's shares on BSE closed trading 1.4% lower at Rs 270.3 apiece.
Zomato also said that its board will approve the second quarter results on October 22.
"Board will consider and approve raising of funds by issuance of equity shares by way of qualified institutions placement, as may be permitted under applicable laws, subject to such regulatory/statutory approvals, including the notice for the postal ballot for obtaining the shareholders’ approval in this regard, as may be required," said Zomato in a stock exchange filing.
If approved, this will be the first fundraise by the Gurugram-headquartered food delivery giant since its stock market debut three years ago and will come at a time when its rival Swiggy is headed for an initial public offering (IPO).
Zomato reported a consolidated profit of Rs 253 crore in Q1FY25, up from Rs 175 crore a quarter ago and Rs 2 crore in the year-ago period. The firm’s revenue from operations rose 74% to Rs 4,206 crore in Q1 from Rs 2,416 crore a year ago.
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