Uber sells entire stake in Zomato; pockets Rs 3,088 cr, makes 2.4x returns

Fidelity Investment Trust Fidelity Series Emerging Markets Fund bought 54.4 mn shares worth Rs 274 cr and ICICI Prudential Life Insurance bought another Rs 226 crore, showed block deal data

American ride-hailing giant Uber, on Wednesday, sold its entire 7.78 per cent stake in domestic food-delivery company Zomato to mop up Rs 3,088 crore ($390 million). A total of 612 million shares were sold at Rs 50.44 apiece to over a dozen institutional investors. Fidelity Investments bought shares worth Rs 274 crore and ICICI Prudential Life Insurance bought another Rs 226 crore, showed block deal data.

Shares of Zomato whipsawed, hitting a low of Rs 50.25 and high of Rs 56.85, where Rs 3,662 crore worth of stock got traded. Shares finally closed at Rs 55.4, which was little change