Modern Insulators picked up a stake in IPO-bound Swiggy on September 17.
What Happened: Modern Insulators is engaged in the production of porcelain insulators and works closely with national and regional utilities, Indian Railways, original equipment manufacturers and engineering procurement and construction companies.
The company informed stock exchanges that it bought 1.38 lakh shares in Swiggy for ₹360 per share. The total investment comes around ₹4.99 crore and makes up 0.007% of the company’s shareholding.
The company said in the statement that the investment is made as a long-term investment. The acquisition will be completed in 30-45 days, it added.
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Modern Insulators is the latest in line of companies and investors buying Swiggy's shares ahead of its IPO. Hindustan Composites, an auto parts making company in early September also bought ₹5.2 crore worth of shares. Before that, Amitabh Bachchan's family office reportedly bought a small stake in Swiggy.
Motilal Oswal's Raamdeo Agrawal also bought stakes in the Zomato competitor, according to an Economics Times report. The exact size of the investment is not known.
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