Hindustan Composites, a listed automotive ancillary company, has acquired a minority stake in Anticsa food delivery company that competes with Zomato, run by Deepinder Goyal.
In a stock exchange filing, the company said it has entered into a share purchase agreement to purchase 150,000 equity shares of Swiggy for Rs 5,175 crore.
“In accordance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we wish to inform you that the Company has entered into a Share Purchase Agreement with Swiggy Limited for acquiring its 1,50,000 (one lakh fifty thousand) equity shares of Re. 1/- (one rupee only) each making an investment of Rs. 5,175 Crore,” the company said.
The transaction is expected to close on November 30, 2024.
Amitabh Bachchan’s family office’s investment in Swiggy
The development occurs a week later Amitabh Bachchan’s family office and Motilal Oswal Financial Services Chairman Raamdeo Agrawal has reportedly made a similar move by investing an undisclosed amount in a minority stake in the food delivery major, which also operates a fast-commerce platform, Swiggy Instamart.
Strategic investment ahead of Swiggy’s IPO
The acquisition by Hindustan Composites is part of a broader investment strategy to secure both short- and long-term returns.
Earlier this year, Swiggy had filed confidential documents worth Rs 10,400 crore. IPO with the Securities and Exchange Board of India (SEBI). The IPO is expected to raise Rs 3,750 crore through a fresh issue of equity shares and an offer for sale amounting to Rs 6,664 crore.
According to the filing, Swiggy’s net worth stood at Rs 9,810 crore at the end of the fiscal year in March 2023.
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