“In accordance with Regulation 29 of the Listing Regulations, as amended, you are informed that a meeting of the Board of Directors of Zomato Limited (“Company”) is scheduled to be held on Friday, the 24th June, 2022, to discuss a Potential takeover transaction by the company, for which equity shares of the company may be issued through preferential issue,” the food delivery giant said in the filing.
Zomato will pay for Blinkit in its shares, formerly Grofers,
ET previously reported,
The plan asks the shareholders of Blinkit to acquire a little less than 10% ownership in Zomato. The SoftBank Vision Fund, Blinkit’s largest investor, will acquire about 4% ownership in the foodtech startup. According to people who spoke to ET, Blinkit investors may have to hold Zomato shares for at least six months.
Last year, Zomato
$100 million invested Gaining 10% share, in Gurugram based Accelerated commerce startup.
Based on Zomato’s market capitalization at that time,
ET reported on March 15 The deal was expected to value Blinkit at around $700–800 million. This was lower than Blinkit’s previous valuation, which stood at over $1 billion.
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According to an earlier report by ET, Zomato will exchange one share for every ten Blinkit shares. Since Zomato initially invested in Blinkit last year, the possibility of a merger has been discussed.
Zomato announced earlier this year that it had launched the Blinkit a. Have given
Loans of up to $150 million, Founder of Zomato Deepinder Goyal claimed that part of this money was given to Blinkit during its first investor call since going public last month, and the rest depends on whether it needs it or not.