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Zomato, an Indian food distribution company, said today that as the acquisition of blinkit has been approved, the company will appoint CEOs for its four core business units. In addition, the new company after the merger will be renamed "eternal".

In June this year, zomato announced the acquisition of blinkit, another distribution start-up, with an all stock transaction of US $568million. Now, the transaction has been approved by shareholders. Zomato said in a memorandum today that after the completion of the acquisition of blinkit, CEOs will be appointed for at least four of its departments.

Deepinder Goyal, co-founder and CEO of zomato, said, "we are transitioning from a company where I am the CEO alone to a company where multiple CEOs manage every business (zomato, blinkit, hyperpure and feeding India) Company. These four CEOs are equal to each other and will work together as a super team to build a large and seamless organization. From today on, we call this larger organization 'eternal'. "

After the company is renamed, zomato's stock code will also be changed from "zomt" to "eternal". Zomato shares rose 19% today after the better than expected second quarter earnings.

Earlier today, zomato released its second quarter earnings report as of the end of June. The loss was almost halved to 18.6 billion rupees (about US $23.7 million), better than analysts' expectations.