New Delhi, July 5 Info Edge, a key investor in Zomato has decided to lower the size of its offer for sale (OFS) in the IPO of the food delivery platform.
In a regulatory filing on Sunday, Info Edge (India) said that the Committee of Executive Directors has approved the reduction in the size of the offer for sale by the company.
The Board of Directors of Info Edge had in April approved for its participation in the offer for sale of up to such number of equity shares of Zomato, as would aggregate up to Rs 750 crore.
"The revised offer for sale by the company would comprise such number of equity shares held by the company in Zomato, as would aggregate up to Rs 3,750 million, the terms and conditions of which will be specified in the red herring prospectus filed in relation to the offer, and in other offer related documents and agreements," it said.
In April this year, the online food delivery platform Zomato filed for an initial public offering (IPO) with the Securities Exchange Board of India (SEBI).
In its draft red herring prospectus (DRHP) filed with the market regulator, Zomato had said it aims to raise Rs 8,250 crore in capital by offering the company's equity shares for sale.
Of this, Rs 7,500 crore will be through fresh issuance and the rest of the Rs 750 crore will be an offer for sale for its existing investor Info Edge, the draft prospectus had said.
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