Online food delivery platform Zomato Ltd has struck a big deal. The company has entered into a merger deal with Blinkit, which guarantees grocery delivery in 10 minutes. This deal is completely stock based.
According to sources, the regulatory process for approval of this merger will start soon. Sources tell that it will take time. It is also not that the deal is completely guaranteed. However, there is no official statement from Blinkit and Zomato on this yet.
Let us tell you that last year online grocery delivery platform Grofers changed its name to Blinkit. This platform claims to deliver the grocery to the house in 10 minutes.
Share status: The share price of Zomato is slightly higher than the issue price of the IPO. After making an initial public offering of $1.3 billion in July last year, Zomato’s stock price hit an all-time high of Rs 169.3 in November. However, Tuesday closed at Rs 76.55 per share, slightly above the IPO issue price of Rs 76.
Read this-Metal company’s shares will cross Rs 400, IPO also did rich
During trading, it reached an all-time low of Rs 75.75. Now it is important to see how the stock market takes the news of merger. Talking about the market capital, it is at the level of 60 thousand crores. Last year, the market capital of Zomato crossed Rs 1 lakh crore. In this context, more than 40 thousand crore rupees of investors have been sunk.