CORPORATE

Zomato snaps up Blinkit for Rs 4,447.48 crore in a share-swap deal

Online food delivery platform Zomato on Friday said that it would acquire Blink Commerce (formerly known as Grofers India) for a total purchase consideration of Rs 4,447.48 crore in a share-swap deal.

The company’s board at a meeting held on Friday approved acquisition of up to 33,018 equity shares of Blink Commerce from its shareholders for a total purchase consideration of Rs 4,447.48 crore at a price of Rs 13.45 lakh per equity share, Zomato said in a regulatory filing.

This transaction would be carried out through issue and allotment of up to 62.85 crore fully paid-up equity shares of Zomato, having face value of Re 1 each at a price of Rs 70.76 per equity share, it added.

The company already holds 1 equity share and 3,248 preference shares currently in Blink Commerce, the filing said.

“This acquisition is in line with our strategy of investing in the quick commerce business,” Zomato said.

Blink Commerce runs online quick commerce service under the Blinkit brand.

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