Swiggy Board Clears ₹19.7 Billion Stake Sale in Rapido Operator to Prosus Arm

Swiggy Ltd. on Tuesday said its board has approved the sale of 10 equity shares and 163,990 Series D compulsorily convertible preference shares of Roppen Transportation Services Pvt. Ltd., which runs ride-hailing platform Rapido, to Netherlands-based MIH Investments One B.V. for ₹19.7 billion.

MIH Investments One B.V. and MIH India Food Holdings BV are part of the Prosus group and under common control. MIH India Food Holdings holds a 23.31% stake in Swiggy as of June 30 and is classified as a related party, the company said in an exchange filing.

The deal is subject to customary conditions, including