Zomato-Blinkit Deal Approved By Shareholders
Over 97% of the shareholders voted in favour of the proposal, according to an exchange filing.
Zomato Ltd.'s proposal to acquire quick grocery delivery startup Blinkit was passed by its shareholders.
Of the votes polled, over 97% of were in favour of the proposal, according to the company's exchange filing.
The company will acquire up to 33,018 equity shares of Blink Commerce Pvt. (formerly known as Grofers), Zomato had earlier said in an exchange filing. And the company will issue and allot up to 62.85 crore fully paid-up equity shares at Rs 70.76 apiece to shareholders of Blinkit.
The deal is in line with its strategy of investing in the quick commerce business, the company had said.
In a letter to shareholders, Zomato said the two brands will be kept and run separately. But, it remained evasive on when it sees profitability for Blinkit, citing “the early stage of the business".