Reasons Behind The Fundraise, Why Now? | Swiggy Vs Zomato#zomato #zomatoshare #qip #fundraise #funding #swiggyipo #swiggy #etnow #businessnews #topnews

The massive Indian foodtech company Zomato is preparing for rapid expansion as it plans to raise further funding.

Zomato called for a meeting on October 22 with its shareholders to discuss the prospect of the QIP, as well as unaudited financial results.

Contract manufacturer in the consumer electronics and appliances space, PG Electroplast Ltd on Saturday (October 19) said it's board of directors has approved a proposal to raise up to ₹1,500 crore through the issuance of equity shares or other convertible securities via Qualified Institutions Placement (QIP).

The food and grocery delivery major will put up the proposal to the board on October 22, on which day it will also declare its financial results for the July-September quarter.

Food delivery platform Zomato Ltd's board will consider fund raising through QIP on October 22, it said in a regulatory filing. Zomato share is currently trading at Rs 270.

If approved, this will be the first fundraise by the food delivery giant since its stock market debut three years ago

Shares of food-delivery giant Zomato dived on Friday’s early trade, going down by over 3%, after the company announced plans to raise funds through a qualified institutional placement. What Happened: Zomato’s board of directors will meet on October 22 to approve the firm’s quarterly financial results,

Food delivery platform Zomato on Thursday said its board will consider fundraising through qualified institutional placement (QIP) on October 22.

Shares of Zomato dropped by 5.4% after the company announced a fund-raising plan through issuing equity shares. The company reported a net profit of Rs 253 crore for the April-June quarter, driven by revenue growth from Blinkit and Hyperpure.