After Big B, Hindustan Composites Picks Up Stake In IPO-Bound Swiggy

After Big B, Hindustan Composites Picks Up Stake In IPO-Bound Swiggy

SUMMARY

Hindustan Composites said it will acquire 1.5 Lakh shares of Swiggy for INR 5.1 Cr in an all-cash deal

The listed company has invested in Swiggy with an eye on long term/ short term gains from the IPO-bound company

This comes as Swiggy is gearing up for its $1 Bn to $1.2 Bn IPO at a likely valuation of $15 Bn valuation later this year

Listed auto ancillary company Hindustan Composites on Monday (September 2) said it has signed a share purchase agreement to acquire a stake in IPO-bound foodtech major Swiggy for INR 5.175 Cr. 

In a filing with the BSE, the listed company said that it will acquire 1.5 Lakh shares of the startup in an all-cash deal, translating to a 0.01% stake. 

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