Online food delivery platform Zomato Ltd on Friday said it will acquire Blink Commerce Pvt Ltd (formerly known as Grofers India Pvt Ltd) 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 Pvt Ltd 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.
Blink Commerce Pvt Ltd runs the online quick commerce service under the Blinkit brand.