Eternal to offload ₹1,500 crore stake in block deal
pre-market1 source ↓written by the desknot a recommendation
- offloaded
- 0.5% of its stake
- deal valued
- ₹1,500 crore
- be offered
- ₹289.5 per share
- from the current
- 1% discount
Eternal Ltd., the parent firm of Zomato, will see 0.5% of its stake offloaded by an undisclosed institutional investor in a block deal valued at ₹1,500 crore. The shares will be offered at ₹289.5 per share, representing a 1% discount from the current market price. This move comes amid increasing competition in the quick-commerce sector from players like Amazon Now and Swiggy.
The sale may impact market sentiment as competition intensifies in the quick-commerce space, particularly with Amazon's entry into major metro cities.
Not investment advice. For informational purposes only.