Invesco slashes Swiggy’s valuation to $5.5 bn
The investor valued Swiggy shares at $3,305 as of January 31, 2023, way less than $4,759 in October 2022
The investor valued Swiggy shares at $3,305 as of January 31, 2023, way less than $4,759 in October 2022
Invesco offloaded 5.11% stake in ZEEL at an average price of ₹204.50 apiece, which was acquired by Goldman Sachs Singapore, Morgan Stanley Asia Singapore, and Segantii India Mauritius.
Invesco to pare half of its stake in ZEEL, which currently stands at 10.14%, that could fetch the investor as much as $169.5 million (around ₹1,300 crore).
Invesco, which is Zee's largest shareholder, had called for an EGM to oust MD & CEO Punit Goenka last year.
The fundraising makes Swiggy the latest company to join the 'decacorn club'.
Apart from Sony, ZEE was also in talks with Reliance for a strategic investment deal
The combined company will include 75 TV channels, two film studios, two video streaming services, and a digital content studio.
Theories being floated include incitement by a leading Indian conglomerate; global media baron firing from Invesco’s arms and a China angle—all suggesting attempts on to ruin the Sony-ZEE merger plan.