Zomato Ltd has received shareholder approval to change its corporate name to Eternal. However, this change will only affect the corporate identity.
The brand name and app name will remain the same. The company confirmed these details through an exchange notification.
Updates to Company Documents
Shareholders have also approved amendments to the Memorandum of Association (MoA) and Articles of Association (AoA).
These updates are seen as significant for the company’s future operations and strategic direction.
A Step Towards New Growth
Zomato views this corporate name change as a step towards a new phase of growth, focusing on both the food delivery and technology sectors.
Originally centered on food delivery, Zomato has expanded its business with ventures like Blinkit, District, and Hyppure, showcasing its success in diversification.
In a letter to shareholders, CEO Deepender Goyal announced that the corporate website will shift from zomato.com to eternal.com, and the stock ticker will also change from Zomato to Eternal.
Stock Market Performance
On Monday, Zomato’s shares fell, closing at Rs 211.20 on the BSE, marking a decline of over 2 percent.
According to BSE data, the company’s share prices have dropped by more than 23 percent this year and by 21 percent over the past six months.
However, the stock has seen a 32 percent rise over the past year.
