Swiggy Shares Today: Shares of Swiggy Ltd were in focus on Wednesday as the food delivery major unveiled a significant rejig of its portfolio to shore up liquidity. The company’s board approved the sale of its entire 11.8 per cent stake in cab-aggregator Rapido for a combined Rs 2,398 crore and also transferred its quick-commerce arm Instamart to a wholly owned subsidiary.

According to the filing, Swiggy will sell 10 equity shares and 1,63,990 Series D CCPS in Rapido to MIH Investments One B.V.—a Netherlands-incorporated firm—for Rs 1,968 crore. A further 35,958 Series D CCPS will be sold to Setu AIF Trust (Westbridge) for Rs 430 crore.

JP Morgan price target on Swiggy

The stake sale is in line with what Swiggy had guided at the end of the June quarter. Brokerages see the proceeds hel

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