Food and delivery major Swiggy said its board approved plans to raise up to ₹10,000 crore through a qualified institutional placement (QIP) to shore up capital for growth.

Companies use the QIP route to raise funds from large institutions such as mutual funds.

“...considered and approved the raising of funds by way of public or private offerings including, through one or more tranches, by way of qualified institutions placement or any other permitted modes under applicable laws of equity shares or through any other permissible mode to the eligible investors as may be permitted, for an aggregate amount of up to ₹ 10,000 crores, subject to the receipt of necessary approvals including approval of the shareholders of the Company and other regulatory / statutory approvals, as may be required,

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