Uber India Systems Allots Shares Worth Rs 2,540 Crore To Dutch Group Entity
A driver for the Uber Technologies Inc. ride-hailing service, uses the Google Inc. Maps application in a taxi in New Delhi, India. (Photographer: Dhiraj Singh/Bloomberg)

Uber India Systems Allots Shares Worth Rs 2,540 Crore To Dutch Group Entity

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Uber India Systems, which runs the U.S.-based firm's ride hailing business in India, has allotted about 1.59 crore of its shares worth about Rs 2,540 crore to Uber BV, according to regulatory documents.

The Board of Uber India on Oct. 1 approved the allotment of 1.14 crore equity shares to Uber BV for the transfer of Rides Contracts and Rides Data, documents sourced by business intelligence platform Tofler showed.

The Board had also cleared the allotment of 44.98 lakh shares as consideration (other than cash) for the transfer of Eats Contracts and Eats Data, according to the documents. These allotment of shares were approved at a premium of Rs 1,578.20 per share.

Uber India declined to comment on a detailed query on the development.

The Dutch entity, Uber BV, does not have a business presence in India and had appointed Uber India to provide marketing support services for the rides and Eats business in India.

Uber India has not received funds for issue of the shares, Tofler said adding that the issuance of shares by Uber India to Uber BV in consideration of transfer of 'India Rides Intangible Asset' and 'India Eats Intangible Asset'.

The documents showed that India Rides Intangible Asset includes commercial and business contracts of Uber BV with customers and users in India, and the data associated with those. Similarly, India Eats Intangible Asset comprises contracts and data for the Eats business in India.

In a separate statement, Uber on Monday announced a new campaign to promote use of public transport in the Delhi-national capital region in view of the poor air quality in the region.

The ‘#LeaveYourCarBehind’ campaign is aimed at encouraging citizens to help improve Delhi-NCR's air quality by sharing mobility assets and choosing options such as ridesharing and carpooling, instead of the one-person-per-car routine, Uber India and South Asia Marketing Director Manisha Lath Gupta said.

The campaign goes live on Nov. 4, in tandem with the Delhi government's 'odd-even' initiative, and will continue over the next four weeks, she added.

Through the campaign, Uber aims to raise awareness about the impact of personally-owned cars on the city's air quality, and encourage citizens to come together to pave the way for smarter, cleaner and more sustainable cities.

The campaign is being supported by associations like URJA (apex body of Resident Welfare Association), Delhi Clean Air Forum and the Lung Care Foundation.

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