As expected, ride-hailing giant Uber Technologies sold its entire 7.78% stake in Zomato for $392 million in a bulk transaction on Wednesday. According to BSE data, two institutional investors, Fidelity and ICICI Prudential Life Insurance, purchased stakes in the loss-making company.
Uber sold all of its 61.22 crore Zomato shares for Rs 50.44 per share. Fidelity Investment Trust Fidelity Series Emerging Markets Fund purchased 5.44 crore shares of Zomato in a bulk transaction at an average price of Rs 50.26 per share, while ICICI PrudentialLife Insurance purchased 4.5 crore shares at an average price of Rs 50.25 per share. According to reports, nearly 20 global and Indian funds purchased a stake in the food-tech firm in a bulk transaction on Wednesday.