Modern Insulators Buys Swiggy Shares Worth INR 5 Cr Ahead Of IPO

Modern Insulators will acquire 1.38 Lakh shares of Swiggy for INR 360 apiece, translating to a total value of INR 4.99 Cr

Earlier this month, Hindustan Composites said it would acquire 1.5 Lakh shares, or a 0.01% stake, of Swiggy for a cash consideration of INR 5.17 Cr

This comes at a time when Swiggy is looking to file its DRHP with SEBI for an over $1 Bn IPO

Listed porcelain insulators manufacturer Modern Insulators is making a “long-term investment” worth almost INR 5 Cr in Swiggy as the foodtech major prepares for its $1.25 Bn initial public offering (IPO).

In an exchange filing on September 17 (Tuesday), the company said it has secured approval from its board to acquire over 1.38 Lakh unlisted shares of Swiggy for INR 360 apiece for INR 4.99 Cr in an all-cash deal. 

The transaction is expected to be completed in the next 30-45 days, the filing showed. Swiggy’s unlisted shares that will be lapped up by Modern Insulators will translate to a 0.007% stake in the…