Zomato Gets Ministry Of Corporate Affairs' Nod To Rename Company To Eternal
Under the new umbrella of Eternal, the company will house four key verticals — Zomato, Blinkit, Hyperpure and District.
The Registrar of Companies of the Ministry of Corporate Affairs has approved the change in the name of Zomato Ltd. to Eternal Ltd. with effect from Thursday.
The Memorandum and Articles of Association of the company stands altered to the extent of the change of name of the company, according to an exchange filing.
Earlier on March 10, the company's shareholders approved a proposal to rename the company as Eternal. The move, cleared through a special resolution, also includes amending the company's Memorandum and Articles of Association to reflect the new identity.
Despite the change at the corporate level, Zomato's popular food delivery brand and app will continue to operate under the existing name, the company clarified.
The decision to rebrand comes as part of Zomato's broader strategy to reflect its growing portfolio of businesses. Under the new umbrella of Eternal, the company will house four key verticals — Zomato (food delivery), Blinkit (quick commerce), Hyperpure (B2B supplies), and its dining-out platform District.
Shares of Zomato closed 0.42% higher to Rs 224.47 apiece on the National Stock Exchange, compared to a 1.24% advance in the benchmark Nifty. The share price has risen 35.55% in the last 12 months.
Twenty-five out of the 30 analysts tracking the company have a 'buy' rating on the stock, one recommends 'hold' and four suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 27.6%.
