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Blinkit parent Eternal's board clears plan to cap foreign ownership at 49.5%

Economic Times

Economic Times · 2m ago

Blinkit parent Eternal's board clears plan to cap foreign ownership at 49.5%

Eternal, parent of Blinkit, has capped foreign ownership at 49.5% to enhance operational flexibility by allowing Blinkit to hold inventory, per India’s foreign investment rules. This change aims to qualify Eternal as an Indian-Owned-and-Controlled Company, improving margins in specific categories by owning inventory. As of March 31, domestic ownership was 55%. Previously, Eternal raised Rs 8,500 crore through a qualified institutional placement, increasing Indian shareholding.

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Eternal Draws the Line on Foreign Ownership—Could MSCI Be the Next to Exit?

OutlookIndia

OutlookIndia · 1m ago

Eternal Draws the Line on Foreign Ownership—Could MSCI Be the Next to Exit?

Eternal Ltd shareholders voted to cap foreign ownership at 49.5%, raising concerns about its status in the MSCI Emerging Market Index. Currently, foreign investors hold a 44.8% stake, potentially rising to 46%. The move to become Indian-owned could allow control over inventory and improve profit margins. However, these changes risk significant capital outflows if MSCI reduces Eternal's index weight or excludes it. Jefferies emphasizes uncertainty over future foreign portfolio investor behavior.

Zomato parent entity caps foreign ownership in company at 49.5%

YourStory

YourStory · 2m ago

Zomato parent entity caps foreign ownership in company at 49.5%

The board of Eternal, Zomato’s parent entity, approved capping foreign ownership at 49.5% to ensure more Indian investors and compliance with FDI rules that limit foreign control over inventory. This aligns with the government's desire to increase domestic stakes in startups. Zomato and Blinkit, also part of Eternal, aim to reduce foreign influence. The trend mirrors Zepto's strategy to boost domestic ownership ahead of its IPO amid rising IPO activities and favorable regulatory changes.

Eternal shares slip 4% after FTSE, MSCI cut stock weight; $840 million in passive outflows likely

Economic Times

Economic Times · 1m ago

Eternal shares slip 4% after FTSE, MSCI cut stock weight; $840 million in passive outflows likely

Shares of Eternal, formerly Zomato, fell 4% due to anticipated $840 million passive outflows after FTSE and MSCI reduced its stock weight. This follows a Foreign Ownership Limit (FOL) cut, affecting global index investments. Eternal's weighting in the FTSE All World Index declined from 82.74% to 49.5%. The adjustments are due to take effect on May 28, potentially leading to $1.3 billion total outflows as MSCI plans further revisions for May 2025.

“Will grow Blinkit’s market share aggressively”: Eternal CFO Akshant Goyal

Economic Times

Economic Times · 2m ago

“Will grow Blinkit’s market share aggressively”: Eternal CFO Akshant Goyal

Quick commerce platform Blinkit, under parent company Eternal, faced profitability challenges in Q4FY24 despite expanding its dark store network. The company reported Ebitda losses of Rs 178 crore but saw a 21% sequential growth in gross order value. Eternal's operating revenue rose by 64% to Rs 5,833 crore, but net profit dropped by 78%, largely due to Blinkit's growth investments. CFO Akshant Goyal emphasized prioritizing market share expansion, predicting sustained competition in the segment.

CCI clears Manipal Group chief Ranjan Pai, 360 One’s investment in PharmEasy

IndianStartupNews

IndianStartupNews · 1y ago

CCI clears Manipal Group chief Ranjan Pai, 360 One’s investment in PharmEasy

Manipal Education and Medical Group (MEMG) and 360 One have been given permission by the Competition Commission of India (CCI) to invest in API Holdings, the parent company of online pharmacy giant PharmEasy. MEMG is expected to invest Rs 1,000 crore for an 18% stake in the company. Ranjan Pai, a previous backer of PharmEasy, will also acquire a significant stake in the company, making him one of the largest investors with over 12% ownership. This investment is part of a larger Rs 3,500-crore rights issue aimed at repaying debt and stabilizing the company's financials.

India plans stricter rules for companies with foreign ownership: Report - BusinessToday

Business Today

Business Today · 1m ago

India plans stricter rules for companies with foreign ownership: Report - BusinessToday

India plans to tighten foreign ownership rules, impacting sectors like e-commerce and pharmaceuticals. The revisions aim to prevent foreign investors from bypassing India's FDI policy. An FOCE will be defined as a company or investment fund controlled by non-residents, covering indirect ownership. Directly owned foreign firms will follow FDI rules for structural or ownership changes. Indirect shareholding transfers must comply with investment caps and be conducted at fair market value.

Eternal grants 64.77 lakh ESOPs worth Rs 168 crore

YourStory

YourStory · 9d ago

Eternal grants 64.77 lakh ESOPs worth Rs 168 crore

Eternal Ltd, previously known as Zomato, has granted 64.77 lakh stock options to employees under the Foodie Bay Employee Stock Option Plan 2014 and Zomato Employee Stock Option Plan 2021, valued at Rs 168.4 crore based on the stock's opening price of Rs 260. These options are exercisable within 10 years from vesting or 12 years from listing, emphasizing Eternal's strategy to use employee stock options as a tool for talent retention and long-term value creation amidst its business expansion.

Byju’s clears January salaries, founder Raveendran lauds employees for their support

Economic Times

Economic Times · 1y ago

Byju’s clears January salaries, founder Raveendran lauds employees for their support

Byju's founder and CEO, Byju Raveendran, has informed employees that the company has successfully credited January salaries. This comes after the company faced a delay in payment, blamed on "artificially induced crisis" by select investors. Raveendran expressed his gratitude towards employees for their support during the challenging times. Meanwhile, a group of investors, including General Atlantic and Prosus, have called for an extraordinary general meeting, demanding a change in management and board at Byju's parent company, Think & Learn Pvt Ltd.

CCI clears Amazon seller Appario’s sale to Clicktech

Economic Times

Economic Times · 11m ago

CCI clears Amazon seller Appario’s sale to Clicktech

The Competition Commission of India (CCI) has approved the sale of Appario Retail, the largest seller on Amazon India, to Clicktech, another major seller on the platform. This move is part of Amazon's plan to divest stakes in sellers on its platform to comply with local e-commerce rules. Appario was the last major seller in which Amazon held a stake. Clicktech, promoted by the Vinod Poddar group, will acquire Appario. Additionally, Amazon is acquiring Appario’s parent firm, Frontizo Business Services, from joint venture partner Patni Group.

Paytm allots 2.03 lakh stock options to ESOP pool

YourStory

YourStory · 5m ago

Paytm allots 2.03 lakh stock options to ESOP pool

Paytm's parent company, One97 Communications, expanded its Employee Stock Ownership Plan (ESOP) by allotting 2,03,137 stock options valued at Rs 18.27 crore. Each option, priced at Rs 9, can be exercised during active employment. The company's ESOP expansion follows its Q2 FY24 return to profitability with Rs 930 crore profit and a 10.51% revenue increase. The company also sold Japanese PayPay rights to Softbank for $279.2 million to streamline its Indian operations.

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