Zomato shares inch higher after company launches Rs 8,500 cr QIP

Shares of food and grocery delivery company Zomato rose 1.83% on Tuesday, reaching an intra-day high of Rs 278 on the NSE, as the company opened its Qualified Institutional Placement (QIP).

The firm has set a floor price of Rs 265.91 per share, with an indicative price of Rs 252.62 per share. The indicative price represents a 7.6% discount to the company’s closing market price of Rs 272.9 on Monday.