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Zomato rejects EY’s new valuation report that lowered its stock price value

has rejected a brand new valuation report by consultancy EY that lowered its inventory worth worth for its acquisition of fast commerce startup Blinkit, in response to the meals supply platform’s regulatory submitting to the BSE.

Zomato purchased Blinkit (previously Grofers) for Rs 4,447 crore in an all-stock deal, which 97% of shareholders who voted authorized on June 26.

Zomato’s shares have been valued at Rs 70.76 within the first EY report dated June 24.

The most recent EY report valued Zomato’s share worth decrease than Rs 70.76. The corporate, nevertheless, didn’t disclose the brand new share worth.

Final month, the BSE and the Nationwide Inventory Change had requested Zomato to submit one other report utilizing a unique valuation methodology, its regulatory submitting confirmed.

“Pursuant to discussions with the exchanges, and to adjust to the request of the exchanges, we want to state that the brand new report was positioned earlier than the Board on August 4, 2022, and after evaluating the worth of the fairness shares from the unique report and new report, the board has concluded that the honest market worth per fairness share of the corporate would stay unchanged at Rs 70.76 per share, which is the difficulty worth disclosed to the shareholders within the discover,” the BSE disclosure confirmed.

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Zomato has addressed investor issues concerning its valuation of Blinkit in its newest quarterly report.

“We objectively evaluated all out there acquisition alternatives within the fast commerce area, and after zeroing in on Blinkit, we ensured that rigorous and detailed due diligence, deliberations and negotiations have been achieved earlier than agreeing to the phrases of the transaction (like every other firm would do for a big and necessary transaction),” Deepinder Goyal, CEO of Zomato, wrote in a shareholders’ letter filed to the BSE earlier this week.

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