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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.

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