Earlier, on July 23, Zomato was listed at a 52 percent premium to Rs 115 on exchanges
Zomato, India’s largest food delivery company, has announced that its outgoing US subsidiary, Zomato USA LLC (ZUL), has been wound up and liquidated. “ZUL (Zomato USA LLC) was not a material subsidiary of the company (Zomato) and had no business activities and the dissolution of ZUL will not affect the company’s sales/revenues.” Zomato said in a regulatory filing to the exchanges.
A retiring subsidiary is a subsidiary of a subsidiary of a company. For example, if A is the holding company, B is the subsidiary of A, and c is the subsidiary of B, then C is the exiting subsidiary of A.
Zomato had received notice on Aug. 18 regarding the dissolution and liquidation of Zomato USA LLC effective Aug. 17, 2021, Zomato added.
Earlier, on July 23, Zomato had made a spectacular debut on Dalal Street. The shares were listed at a 52 percent premium to Rs 115 on the exchanges and closed 65 percent higher at Rs 125 on its debut day.
At 12:30 p.m., Zomato shares were trading 0.7 percent higher at Rs 137.40 on the BSE, against a 0.34 percent drop in benchmark indices.
