Zomato to mull proposal to raise funds from institutional investors, stock falls

The board of Zomato will meet on October 22 to consider a proposal to raise funds from institutional investors, its first since its initial public offer in July 2021.

Though the size of the offer is not known, there is a buzz about the online food delivery firm raising anywhere between ₹8,000 crore and ₹9,000 crore.

The stock markets reacted negatively to the announcement with the shares of Zomato ending with losses of 4.90 per cent at ₹257.40 on a day the BSE Sensex gained 218 points.