Zomato shareholders approve $1.13 billion fund raise to boost finances amid sector competition.
Zomato shareholders approved a plan to raise Rs 8,500 crore ($1.13 billion) through a Qualified Institutional Placement (QIP) to bolster its finances amid growing competition in the quick commerce sector. Over 99.7% of shareholders supported the resolution. Additionally, shareholders okayed a trust for Zomato's Employee Stock Ownership Plans (ESOPs) from 2018 to 2024. The company's shares closed slightly down on Friday.
November 23, 2024
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