97% Zomato shareholders approved Blinkit acquisition deal

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Zomato’s proposal to acquire the hyperlocal quick commerce startup Blinkit was approved by 97% of shareholders, according to the company’s BSE filing,

Following majority approval, Zomato will acquire 33,018 equity shares of Blink Commerce Pvt Ltd (Blinkit) in an all-stock deal for INR 4,447 Cr ($570 Mn) by issuing 62.85 Cr shares (a 6.7% stake) of Zomato as consideration. The price at which the deal was completed for Zomato’s shares is INR 70.75 — a 41.34 percent premium over Zomato’s closing price on the day the resolution was passed. Although the acquisition deal between Zomato and Blinkit has been cited as one of the reasons why share prices have been falling in recent weeks.

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97% Zomato shareholders approved Blinkit acquisition deal

Zomato’s proposal to acquire the hyperlocal quick commerce startup Blinkit was approved by 97% of shareholders, according to the company’s BSE filing,

Following majority approval, Zomato will acquire 33,018 equity shares of Blink Commerce Pvt Ltd (Blinkit) in an all-stock deal for INR 4,447 Cr ($570 Mn) by issuing 62.85 Cr shares (a 6.7% stake) of Zomato as consideration. The price at which the deal was completed for Zomato’s shares is INR 70.75 — a 41.34 percent premium over Zomato’s closing price on the day the resolution was passed. Although the acquisition deal between Zomato and Blinkit has been cited as one of the reasons why share prices have been falling in recent weeks.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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