zomato: Uber is probably the seller of 7.8 percent stake in Zomato 

Uber Technologies is the likely seller of a 7.8 percent stake in Indian food delivery firm Zomato that will be disposed of via a USD373 million block deal.

The offer size of 612 million shares worth USD373 million is based on the lower end of a 48-54 rupee price range set for the block deal, a term sheet seen by Reuters stated, adding that would be at a 2.8 percent-13.6 percent discount to the latest close.

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Zomato and Uber did not immediately respond to a request for comment. Shares in Zomato rose 20 percent to 55.55 rupees.

BofA Securities is the sole bookrunner for the deal. The term sheet did not name the potential seller.

Zomato said it had recorded more orders and narrowed its loss for the June quarter to 1.86 billion rupees (USD23.67 million) from 3.56 billion rupees a year earlier.

Zomato narrows losses to Rs 186 crore, revenue up 17 percent in June quarter

Uber reported a net loss of USD2.6 billion for the second quarter of 2022, of which USD1.7 billion was related to its equity investments, including its Zomato stake.

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