Modern Insulators Limited has decided to invest in Swiggy Limited by acquiring 138,800 equity shares at a price of Rs. 360 per share. This transaction, approved by the Board of Directors on September 17, 2024, does not fall under related party transactions and is conducted at “arm’s length.” Currently, the company’s promoters have no interest in Swiggy Limited.
Swiggy, founded in 2014, operates as a leading technology platform in India, offering services across various categories such as Food Delivery, Quick Commerce, and other services including Dine-out and B2B offerings. The acquisition is intended as a long-term investment, despite Swiggy’s business being outside the primary line of business of Modern Insulators Limited.
No governmental or regulatory approvals are required for this transaction, which is expected to be completed within approximately 30-45 days. The total investment amounts to Rs. 499.68 lakhs, with the purchase price per share being Rs. 360. The shares acquired represent a 0.007% stake in Swiggy. Swiggy is known for its innovative solutions and commitment to providing convenience to urban consumers.