Zomato board to consider raising funds via QIP ahead of Q2 results

Food delivery major Zomato’s board of directors will consider raising funds through a qualified institutions placement (QIP) on October 22, the company said in a regulatory filing on Thursday.

However, the company did not disclose the quantum of funding it is looking to raise.

“…this is to inform that a meeting of the board of directors of the company is scheduled to be held on Tuesday, October 22, 2024, inter-alia, to consider and approve raising of funds by issuance of equity shares by way of qualified institutions placement, as may be permitted under applicable laws, subject to such regulatory/statutory approvals, including the notice for the postal ballot for obtaining the shareholders’ approval in this regard,” the filing stated.