Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday gained over 3 per cent after the online food ordering platform acquired the India business of Uber Eats in an all-stock deal.
Shares of Info Edge (India) rose 3.47 per cent to trade at Rs 2,676.10 per unit on the BSE.
On the NSE, the stock gained as much as 3.2 per cent to Rs 2,675.
Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform.
Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, as per a company statement.
In a regulatory filing to BSE, Info Edge (India) – a shareholder in Zomato – said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and the diluted basis upon closing of the transaction.
Source: Thanks WIONews.com