Swiggy plans ₹10,000cr share sale next week
What's the story
Indian food delivery giant Swiggy is gearing up to raise as much as ₹10,000 crore (approximately $1.1 billion) from institutional investors. The move comes after the company's board approved the plan on November 7. The share sale will be done through a qualified institutional placement and is subject to shareholder and regulatory approval.
Bank selection
Citigroup, JPMorgan Chase, Kotak Mahindra shortlisted for share sale
Swiggy has shortlisted three banks to manage the potential share sale. These are the Indian arms of Citigroup Inc., JPMorgan Chase & Co., and Kotak Mahindra Capital Co. The final decision on the timing and size of this deal will depend on shareholder and regulatory approvals.
Sale specifics
Swiggy's upcoming share sale: A look at the details
The share sale will be conducted through a qualified institutional placement, which is a capital-raising tool used by companies to issue shares to qualified institutional buyers. The move comes as part of Swiggy's strategy to raise funds, potentially for expansion and other strategic initiatives.