SBI Mutual Fund crosses 5% in Swiggy with ~$36M share buy
What's the deal? SBI Mutual FundDealroom has a profile for this one. Try Dealroom → has raised its stake in Swiggy above 5% after buying an additional 1.18 crore shares in a market purchase on September 29. The acquisition is valued at around US$40.7M, based on Swiggy's closing price of US$3.45 that day. The filing does not disclose the actual acquisition price.
The numbers: The fund, through various schemes, bought 11,838,465 shares — a 0.43% stake. That lifted its holding from 4.70% to 5.12%, or 14.15 crore shares.
Why now? Crossing the 5% threshold triggered a disclosure under Regulation 29(1) of the Securities and Exchange Board of India's takeover rules. SBI Funds ManagementDealroom has a profile for this one. Try Dealroom → submitted the filing to Swiggy, the National Stock ExchangeDealroom has a profile for this one. Try Dealroom →, and BSEDealroom has a profile for this one. Try Dealroom → on September 30.
The move follows Swiggy shareholders approving a 49.5% cap on aggregate foreign ownership at its August annual general meeting. That cleared a key hurdle in Swiggy's transition to an Indian-owned and controlled company. Domestic ownership had crossed 50% in July, while foreign ownership stood at 49.76%.
What's the context? Swiggy runs food delivery and quick commerce operations. In Q1 FY27, it reported a 7% year-on-year rise in operating revenue to US$925.1M, up from US$673.7M in Q1 FY25, and narrowed its loss by 34% to US$107.4M.
The signal: A domestic institutional investor building a larger position aligns with Swiggy's push toward Indian ownership. Its shares traded near US$3.35 on Thursday morning, giving a market capitalisation of US$9.25B, or $7.17 billion.
Read more: entrackr.com
Image credit: alhamdanleen
