Zomato said its board has delegated the authority to the senior management of the company to decide the key terms of the loan and execute the definitive documents at a future date. 
Zomato said its board has delegated the authority to the senior management of the company to decide the key terms of the loan and execute the definitive documents at a future date. 
Food aggregator Zomato on Tuesday said that its board of directors have approved grant of loan up to $150 million to Grofers India Private Limited (GIPL) in one or more tranches.
In an exchange filing, Zomato said its board has delegated the authority to the senior management of the company to decide the key terms of the loan and execute the definitive documents at a future date.
"The interest rate for the loan will be 12 per cent p.a. or higher with a tenor of not more than 1 year. This loan will support the capital requirements of GIPL in the near term and is in line with our stated intent of investing up to $400 million cash in quick commerce in India over the next 2 years," it said.
Besides, the company's board also approved acquisition of 16.66 per cent of the share capital of Mukunda Foods Private Limited for an aggregate cash consideration of $5 million.
The acquisition will be done by way of subscription of 13,289 Series B1 compulsorily convertible preference shares and 10 equity shares of Mukunda.
Mukunda is a food robotics company that designs and manufactures smart robotic equipment to automate food preparation for restaurants. Its products enable restaurants to scale rapidly while maintaining consistency in food quality and customer experience across multiple outlets, it added.
(More details to follow.)
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