Zomato stock continues to rally for second day in a row post large block deal
Continuing its stock rally post the announcement of large block deal worth ₹88.2 crore, Zomato share price continued to trade in green on Wednesday. At 9:56 am, Zomato shares were trading 1.61% higher at ₹58.72 apiece on BSE on Wednesday. Notably, the company shares witnessed a massive 8 per cent hike on Tuesday. With this, Zomato’s market capitalisation has crossed the ₹500 bn mark.
Zomato’s market capitalisation stood at ₹501 billion on BSE at 9:56 am. On Tuesday, Zomato announced a large block deal worth ₹88.2 crore. As per the deal, 1.5 crore shares, or 0.2 per cent of equity, worth ₹88.2 crore were traded at an average price of ₹59 apiece.
“The board of directors of the Company at its meeting held on today i.e., April 25, 2023, has approved the allotment of 2,56,77,266 (Two Crore Fifty-Six Lakh Seventy Seven Thousand Two Hundred and Sixty Six) equity shares having a face value of Re. 1/- (Indian Rupee One only) each, as fully paidup, to identified employees upon exercise of vested options,” the company said in its stock filing on Tuesday.
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