Green signal to Zomato and Blinkit Deal: According to reports available on the Bombay Stock Exchange, investors of food delivery platform Zomato on Monday voted in favor of the Zomato and Blinkit deal. Among all the voters 97% voted in the favour of Zomato’s Acquire Blinkit deal of 4,447 crores, while more than 14 percent of the public institutions voted against the deal and 99% of public non-institutions voted in favor. After the approval was notified by the Bombay Stock Exchange on Wednesday, Zomato shares were trading in the green and ended the day at Rs 43.95 per share with +5.52%.
Green signal to Zomato and Blinkit Deal By Investors
The stock price of Zomato almost fell 11% on Monday and 14% on Tuesday in day trading on the BSE, Additionally Zomato allotted 4.6 lakhs equity shares to their employees from its ESOP(Employee Stock Option plan) at an exercise plan of 1Rs, and that’s a discount of about 98 percent provided from the latest stock lows, according to the reports of the Bombay Stock Exchange. Zomato had a blockbuster listing on the stock market last year July and its share hit more than double with Rs 169.10 on Nov 16, 2021, since then the stock price of Zomato declined by almost 70% by Tuesday. Meanwhile, the Jefferies brokerage firm believes that Zomato’s management has resumed its journey towards better unit economics and a target price of Rs 100 per share on the stock market.
“The Blinkit acquisition treads down the path to profitability and, despite management’s guidance on break-even in food delivery, investors aren’t giving many benefits of the doubt,” Jefferies wrote in a report.
When finance professor Aswath Damodaran assessed that Zomato’s share price would be Rs 41, many people did not believe it and it was even true while food delivery platform Zomato’s bumper IPO which started at an offer price of Rs 76 and hit a high of Rs 169 on the Bombay Stock Exchange in November 2021.
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