Zomato Limited grants loan of up to $150 mn to Grofers

The board of directors of Zomato Limited ("the Board" and "the Company", respectively) at its meeting held today i.e., March 15, 2022 has approved the grant of loan up to INR equivalent of US$150 million to Grofers India Private Limited ("GIPL") in one or more tranches and delegated the authority to the senior management of the Company to decide the key terms of the loan and execute the definitive documents at a future date. The interest rate for the loan will be 12% p.a. or higher with a tenor of not more than 1 year. This loan will support the capital requirements of GIPL in the near term and is in line with company's stated intent of investing up to $400 million cash in quick commerce in India over the next 2 years.

Shares of Zomato Ltd was last trading in BSE at Rs. 76.60 as compared to the previous close of Rs. 79.30. The total number of shares traded during the day was 2044070 in over 28803 trades.

The stock hit an intraday high of Rs. 79.50 and intraday low of 76.05. The net turnover during the day was Rs. 158582614.00.

Source : Equity Bulls

Keywords

Zomato Loan GrofersIndia