Zomato has opened its INR 8,500 Cr qualified institutions placement (QIP) and set a floor price of INR 265.91 per share, a discount of 2.8% from its closing price at INR 273.60

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In an exchange filing, the company said that the fund raising committee of its board approved the opening of the QIP on Monday (November 25)

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QIP issue price would be decided in consultation with the book running lead manager and it may offer a discount of not more than 5% on the floor price

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This comes about two days after Zomato received approval from its shareholders to raise INR 8,500 Cr (around $1 Bn) through the QIP

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In its shareholders’ letter for the second quarter of the fiscal year, founder and CEO Deepinder Goyal said that the capital will enhance Zomato’s cash reserves

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Since October, Swiggy in the food delivery and quick commerce segment and Zepto in the 10-minute delivery space, have seen a significant capital infusion

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Last week, the BSE announced the addition of the stock to the benchmark index, BSE Sensex, from December 23

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Zomato reported a net profit of INR 176 Cr in Q2 FY25, a whopping 389% increase from the INR 36 Cr profit in the year-ago period

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Operating revenue also zoomed 68.5% to INR 4,799 Cr during the quarter from INR 2,848 Cr in Q2 FY24

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However, the company’s cash reserves declined to INR 1,726 Cr at the end of the September 2024 quarter due to the acquisition of Paytm Insider for INR 2,048 Cr

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