Online food delivery platform Zomato on Friday said it will 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 has 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 will be carried out through issuance 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 presently in BCPL, the filing said.
“This acquisition is in line with our strategy of investing in the quick commerce business,” Zomato said.
Categories: Corporate M&A