Zomato dips 6% as board approves acquisition of Blinkit for Rs 4,447 crore

Zomato-Blinkit deal: This transaction will be carried out through issuance and allotment of up to 628.5 million fully paid-up equity shares of Zomato at a price of Rs 70.76 per equity share

Shares of Zomato dipped 6 per cent to Rs 66.50 on the National Stock Exchange (NSE) in Monday's intra-day trade, after the company's board approved the acquisition of quick-commerce company Blinkit for Rs 4,447 crore (around $567 million) in an all-stock deal. Food aggregator platform Zomato will be acquiring 33,018 equity shares of Blink Commerce Pvt Ltd (BCPL).

At 10:40 AM, Zomato was 4.5 per cent lower at Rs 67.35, as compared to 1 per cent gain in the Nifty50 index. A combined 55 million equity shares have changed hands on the NSE and BSE. However, despite today's fall,