Ramco Cements To Sell Entire Stake In Lynks Logistics To Swiggy Owner

Ramco Cements Ltd. agreed to sell its entire stake in Lynks Logistics Ltd. to Bundl Technologies Private Ltd., which runs food delivery platform Swiggy, in exchange for shares in Bundl.

The board approved selling the company’s entire 49.95 crore shares in Lynks to Bundl on 12 July in exchange for about 24.19 lakh compulsorily convertible preference shares in Bundl, the Indian cement maker said in a stock exchange announcement.

In addition, the Chennai-based Ramco Group flagship company will provide indemnities of up to 86.57 crore rupees ($10.53 million) to Bundl as part of the deal, subject any closing date adjustments.

The transaction is expected to close by 14 August.

Bundl provides an online marketplace for the facilitation of transactions between consumers and sellers (including restaurants and cloud kitchens) and is also engaged in the online delivery of food and fast moving consumer goods, according to the statement.

Note: $1 = 82.1814 Indian rupees

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