Swiggy Limited has informed the Exchange about Share Purchase Agreement
SWIGGY · price
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On the reaction day the stock moved 1.6 pts less than Nifty Midcap 150 and 1.7 pts less than its E-Retail/ E-Commerce peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Swiggy's board has approved the sale of its entire holding in Rapido (Roppen Transportation Services Private Limited) — 10 equity shares and 1,63,990 Series D CCPS — to MIH Investments One B.V., a Netherlands-based entity belonging to the Prosus group, for a total consideration of ₹1,968 crore. The buyer is related to MIH India Food Holdings BV (MIFH), a Prosus group company that holds around 23.31% in Swiggy, making it a related-party transaction conducted on an arm's length basis. The deal is subject to Competition Commission of India approval and shareholder approval under Section 188 of the Companies Act and Regulation 23 of the Listing Regulations. Two non-executive nominee directors on Swiggy's board (Roger Clark Rabalais and Ashutosh Sharma) are nominated by MIFH.
This is a significant cash inflow of nearly ₹2,000 crore for Swiggy from monetising its Rapido investment, which could strengthen its balance sheet and fund core operations. Since the buyer is a related party of major shareholder Prosus (MIFH), the deal will need shareholder approval, and investor reaction will depend on perceived fairness of the valuation.