Zomato share price dissolves subsidiary in Canada

Zomato Canada was not a material subsidiary of the company, and the closure of Zomato Canada does not affect the company’s sales or revenue, according to the company’s BSE filing.

Zomato stock price rose on Thursday.

Zomato Limited has announced the dissolution of Zomato Canada. Zomato Canada had no active business activity, the online food delivery platform said in a BSE filing.

“We would like to submit that Zomato Canada Inc. (“Zomato Canada”), a subsidiary of the Company located in Canada, is dissolved on March 22, 2022,” Zomato said in the statement.

ZOMATO CANADA

  • Zomato Canada had no active business activities.
  • “Further, as stated in our red herring prospectus dated July 6, 2021 and our prospectus dated July 19,
  • 2021, Zomato Canada had no active business activity,” Zomato said.
  • Zomato Canada was not a material subsidiary of the company, and the closure of Zomato Canada does not affect the company’s sales or revenue, according to the company’s BSE filing.
  • As of March 31, 2021, Zomato Canada had reported “nil” revenue, and Zomato Canada’s contribution to the company’s net worth was 0.00%, the company said in the statement.

ZOMATO SHARE PRICE

BSE Zomato’s share price rose 1.30% on Thursday to 81.75 rupees. The company’s share price on NSE rose by 1.11% to Rs 81.65.

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