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  3. IPO-bound Swiggy a 'long term investment' for Modern Insulators in unre…

IPO-bound Swiggy a 'long term investment' for Modern Insulators in unrelated stake buy

17 Sept 2024

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Key Takeaways

Modern Insulators' Rs 5 crore investment in Swiggy’s IPO is a long-term strategy; with Swiggy's IPO plans progressing.

Modern Insulators' Rs 5 crore investment in Swiggy’s IPO is a long-term strategy; with Swiggy's IPO plans progressing.

Swiggy

Swiggy

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Expert Analysis

Modern Insulators Invests Rs 5 Crore in Swiggy's IPO as Long-Term Stake.

Expert Analysis:

  • Investment Amount and Details: Modern Insulators, with a market capitalization of Rs 642 crore, has invested Rs 5 crore in Swiggy, According to an exchange filing on September 17.

  • Share Purchase Information: The investment involves purchasing 1.39 lakh shares, or 0.007% stake in Swiggy at Rs 360 per share.

  • Completion Timeline: The transaction is expected to be completed roughly in 30-45 days.

  • Upcoming IPO Filing: Swiggy is expected to file for its IPO this week, contributing to a robust IPO pipeline for 2024.

Publisher:money control