Swiggy shares in focus on receiving approval for incorporation of new subsidiary
Swiggy may remain in focus on Thursday, January 16, after the company informed that the Ministry of Corporate Affairs approved the incorporation of its new subsidiary Swiggy Sports Private Limited.
“In compliance with Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that Ministry of Corporate Affairs, Central Processing Centre has approved incorporation of Swiggy Sports Private Limited, a wholly owned subsidiary of the Company, today, January 15, 2025,” said Swiggy in its filing to the exchanges.
The company informed that the main objective of the newly incorporated entity will include engaging in sports team ownership, management, talent development, event organization, and facility operation, offering career services, acquiring broadcasting and sponsorship rights, and promoting sports events through various business models.
The share capital of the new company (Swiggy Sports) will be Rs 1 lakh, according to the exchange filing.
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