Stocks

Info Edge zooms over 2% on SEBI approval for Zomato IPO

Our Bureau Mumbai | Updated on July 05, 2021

Company reduces stake sale through OFS to ₹375 crore

The shares of Info Edge Ltd gained over 2 per cent on Monday following approval of the initial public offering (IPO) application of food delivery company Zomato by the Securities and Exchange Board of India (SEBI).

Furthermore, Info Edge has reduced the size of its stake sale through Offer for Sale (OFS) in Zomato IPO to ₹375 crore from the earlier ₹750 crore.

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At 10:23 am, the company was trading at ₹5513.30 on the BSE, up ₹146.75 or 2.73 per cent. It had opened at ₹5,470.00 as against the previous close of ₹5,366.55. It hit an intraday high of ₹5,626.00 and a low of ₹5,422.25.

On the NSE, it was trading at ₹5,513.00, up ₹147.90 or 2.76 per cent.

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Reduction approved

On April 27, 2021, the company’s Board of Directors had approved its participation in the OFS of up to such number of equity shares of Zomato, as would aggregate up to ₹750 crore, in the IPO of the food delivery company.

Info Edge on Sunday informed the exchanges that its Board has approved a reduction in the size of the OFS by the company to ₹375 crore.

Published on July 05, 2021

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