The shares of the food delivery platform Swiggi fell by about 2 percent in early trade on 24 September. The price on BSE went up to a low of Rs 440.70. A day earlier, the company said that its board has approved the sale of the entire stake in the bike-taxi service provider Rapido. The deal is about Rs 2400 crore. Swiggy bought about 12 percent stake in Rapido in April 2022 for around Rs 1000 crore.
Swiggy had told the stock markets that it would sell 10 equity shares and 1,63,990 series-D compulsory convertible preference shares (CCPS) to the Netherlands-based company MIH Investments (Prose Group). The deal will be around Rs 1,968 crore. Apart from this, its 35,958 series-D CCPS will be sold to the Setu AIF Trust (Westbridge Group) for Rs 431.49 crore in Rapido.
Swiggy also informed on 23 September that its board has also approved the proposal to transfer the Quick Commerce Business ‘Instamart’ to a separate unit Swigy Instamart Private Limited. Instamart will now be a subsidiary of the full-intellectual manner of Swigi.
Swigy’s stock rose 27 percent in 6 months
Swiggy’s market cap is on a mark of Rs 1 lakh crore. The face value of the stock is Rs 1. The company had a 92.28 percent stake in the company till the end of June 2025. Swiggy shares have strengthened about 27 percent in 6 months and 14 percent in 3 months. The share of 52 -week adjustable high level on BSE is Rs 617 and adjustable low is Rs 297.
Japan’s brokerage company Nomura has retained a ‘bye’ rating with a target price of Rs 550 per share for Swigi’s share. Morgan Stanley has given a ‘overweight’ rating with a target price of Rs 450 per share for Swigy’s share.