Food and grocery delivery platform Zomato officially changed its name to 'Eternal Ltd' on the stock exchanges from Wednesday, following approval from the Ministry of Corporate Affairs.
To be sure, the brand name of the company's food delivery business, Zomato, will remain the same, along with the app. However, the name of the corporate entity has been changed to Eternal, along with its stock ticker.
It received the Corporate Affairs Ministry's approval regarding its name change to "Eternal Ltd" with effect from March 20.
The shares of Eternal Ltd were trading lower by over 1.7 per cent at around ₹211.50 at 2:45 pm.
The shareholders of Zomato had last month approved a special resolution to rename the firm 'Eternal'.
In a letter to shareholders in February, Zomato Founder and CEO Deepinder Goyal said, "Our Board has approved this change today and I request our shareholders to also support this change. If and when it is approved, our corporate website will transition from zomato.com to eternal.com. We will also change our stock ticker."
He also informed that the decision to publicly rename the company was in line with Blinkit becoming a significant driver of its future.
"When we acquired Blinkit, we started using 'Eternal' (instead of Zomato) internally to distinguish between the company and the brand/app. We also thought that we would publicly rename the company to Eternal, the day something beyond Zomato became a significant driver of our future. Today, with Blinkit, I feel we are there. We would like to rename Zomato Ltd, the company (not the brand/app), to Eternal Ltd," Goyal stated.
{{/usCountry}}"When we acquired Blinkit, we started using 'Eternal' (instead of Zomato) internally to distinguish between the company and the brand/app. We also thought that we would publicly rename the company to Eternal, the day something beyond Zomato became a significant driver of our future. Today, with Blinkit, I feel we are there. We would like to rename Zomato Ltd, the company (not the brand/app), to Eternal Ltd," Goyal stated.
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