Swiggy would set aside Rs 16,310 crore in reserves in order to distribute bonus shares
- ByStartupStory | January 18, 2022
According to regulatory documents, foodtech giant Swiggy plans to distribute bonus preference shares to about three dozen existing investors. This comes as the firm is in the final stages of discussions to raise a new round valued at over $10 billion.
According to records filed with the Registrar of Companies (RoC), Swiggy passed a special resolution to authorise the allocation of 16.31 crore bonus preference shares to 33 existing equity owners. To fund this bonus distribution, the corporation will borrow Rs 16,310.56 crore from its reserves.
Sriharsha Majety, Rahul Jaimini, and LN Reddy Obul, the company’s founders, will earn 8.55 crore, 2.54 crore, and 3.37 crore bonus preference shares, respectively, as part of this incentive distribution.
Early investors Accel and Elevation Capital, who are expected to earn 14 lakh bonus shares each, are among the other 30 bonus reshare beneficiaries. Kunal Shah, Samina Hamied, Sachin Tendulkar, and Anjali Tendulkar are among the other individuals that received bonuses.
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