Hindustan Composites, a publicly listed auto ancillary company, has acquired a minority stake in Swiggy, the popular food delivery platform that competes with Zomato, led by Deepinder Goyal.
In a regulatory filing, Hindustan Composites disclosed that it has entered into a share purchase agreement to acquire 1,50,000 equity shares of Swiggy for a total investment of ₹5.175 crore.
“Pursuant to 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 to acquire its 1,50,000 (One Lakh Fifty Thousand) Equity Shares of Re. 1/- (Rupee One only) each by making an investment of ₹5.175 Crore,” the filing noted.
The deal is anticipated to be finalized by November 30, 2024. This acquisition is part of Hindustan Composites’ broader strategy aimed at securing both short-term and long-term financial gains.
Earlier this year, Swiggy confidentially filed documents with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) valued at ₹10,400 crore. The IPO aims to raise ₹3,750 crore through a fresh issue of equity shares, while an additional ₹6,664 crore will be offered through an offer for sale.
As per the regulatory filing, Swiggy’s net worth at the close of the March 2023 fiscal year was ₹9,810 crore.
