A delivery worker of Zomato, an Indian food-delivery startup, picks a food package from his bag to deliver it to a customer in Mumbai, India, July 13, 2021. REUTERS/Francis MascarenhasRegister now for FREE unlimited access to Reuters.comNEW DELHI, Aug 2 (Reuters) - Uber Technologies (UBER.N) is the likely seller of a 7.8% stake in Indian food delivery firm Zomato (ZOMT.NS) being disposed of via a $373 million block deal on Wednesday, according to a source with direct knowledge of the matter.The offer size of 612 million shares worth $373 million is based on the lower end of a 48-54 rupee price range set for the block deal, a term sheet seen by Reuters stated, adding that would be at a 2.8%-13.6% discount to the latest close.Zomato and Uber did not immediately respond to a request for comment. Shares in Zomato rose 20% to 55.55 rupees on Tuesday.Register now for FREE unlimited access to Reuters.comBofA Securities is the sole bookrunner for the deal. The term sheet did not name the potential seller.On Monday, Zomato said it had recorded more orders and narrowed its loss for the June quarter to 1.86 billion rupees ($23.67 million) from 3.56 billion rupees a year earlier. read more Uber on Tuesday reported a net loss of $2.6 billion for second quarter of 2022, of which $1.7 billion was related to its equity investments, including its Zomato stake. read more Register now for FREE unlimited access to Reuters.comReporting by Aditya Kalraa and Aditi Shah in New Delhi, Chris Thomas in Bengaluru and M. Sriram in Mumbai; Editing by Shinjini Ganguli and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.
Uber likely seller of 7.8% stake in India's Zomato - source, term sheet.