Zomato Ltd has received approval to change its name to Eternal. According to the company, shareholders have granted permission for this change.
However, the name change will only apply to the corporate identity. The brand name and app name will remain unchanged. The company confirmed this information through an exchange notification.
Updates to Company Documents
In addition to the name change, shareholders have also approved necessary amendments to the Memorandum of Association (MoA) and Articles of Association (AoA). These changes are considered significant for the company’s future operations.
A Step Towards New Growth
The company views this change as the beginning of a new phase, aimed at accelerating growth in both food delivery and technology sectors.
Originally focused on food delivery, Zomato has expanded its business with ventures like Blinkit, District, and Hyppure. This expansion reflects its success in diversifying into various sectors over time.
In a letter to shareholders, CEO Deepender Goyal stated that the corporate website will shift from zomato.com to eternal.com. Additionally, the stock ticker will change from Zomato to Eternal.
CEO Deepender Goyal mentioned in a letter to shareholders that the corporate website will change from zomato.com to eternal.com. Additionally, the stock ticker will change from Zomato to Eternal.
Stock Market Performance
On Monday, the company’s shares fell, closing at Rs 211.20 on the BSE, marking a decline of over 2 percent.
According to BSE data, Zomato’s share prices have dropped by more than 23 percent this year and by 21 percent over the past six months. Despite these declines, the stock has seen a 32 percent rise over the past year.