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Exclusive | Zomato board to sign off Blinkit acquisition on June 17

The share swap deal does not need competition watchdog CCI’s approval as it falls under the 'de-minimis' exemption, Moneycontrol reported earlier

June 06, 2022 / 03:33 PM IST

The Zomato board will meet on June 17 to sign off the acquisition of quick commerce company Blinkit, according to two sources close to the developments.

Although the deal discussions earlier valued Blinkit at $700 million, the value of the final deal is expected to come down as it involves a stock swap of a definite number of shares in the ratio of 1:10 where Zomato would get 10 shares of Blinkit for every one of its shares. 

Zomato was trading at Rs 70.15 on the BSE at the time of filing the story, down from Rs 75-80 levels in March when reports about the acquisition emerged first.

 had reported earlier that the food delivery major may not need the Competition Commission of India’s (CCI) nod to acquire the online grocer as it plans to use the so-called 'de minimis' exemption, which applies to deals below a certain size.