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Uber is planning to trade its entire 7.8 percent stake in Indian foodtech unicorn Zomato today, according to a note from Bank of America. Uber had initially gained around 10 percent of Zomato ownership in 2020 when it sold its Uber Eats India subsidiary to the Indian company.

According to the offer note from Bank of America, it is acting as the sole book runner for the block trade.

The shares will be sold for between Rs 48 and Rs 54 per share. Considering Tuesday’s closing price of Rs. 55.55 per Zomato share, this is a discount of between 2.8 percent to 13.6 percent on the market value. At the low end of the acceptable price, the deal will be worth a minimum of Rs 2,939 crore or $373 million.

While Uber’s name is not mentioned in the note, it is likely that the seller is Uber because the latest filing with data until June 30 shows that the company owns a 7.78 percent stake in Zomato.

Additionally, Uber’s latest quarterly report shows that they have $1.7 billion in unrealised losses relating to their ownership in American tech firm Aurora, Indonesian ride-hailing firm Grab, and Zomato. The company’s quarterly unrealised losses on Zomato amount to $245 million, while their overall unrealised loss on Zomato in 2022 stands at $707 million.