Hindustan Composites has announced to buy stake in the online food delivery company Swiggy at about Rs 5 crore to acquire 1.5 lakh shares.
The auto ancillary company informed the shareholders through an exchange filing that the company has entered into a share purchase agreement with Swiggy to "acquire 1,50,000 (One Lakh Fifty Thousand) Equity Shares of Re. 1/- (Rupee One only) each by making an investment of Rs. 5.175 Crore."
The announcement comes as the auto ancillary firm seeks to expand to consumer convenience segment. Swiggy is a major player in the online food ordering and delivery business operating as a marketplace for ordering and delivering food, providing online grocery delivery services and same-day package deliveries.
The stock had delivered 32.25 percent returns in 2024 so far. In the last three years, it rose 95.86 percent, as per BSE data.
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