Info Edge India to raise funds to invest in 99acres.com

The Board of Directors of Info Edge (India) Ltd at its meeting held on July 18, 2014 have considered and approved the proposal to invest in the organic as well as inorganic growth opportunities in existing businesses, in particular in 99acres.com and other approved general corporate purposes. The Board approved proposal seeking authorization of the shareholders for raising of funds through issue of securities to the extent of Rs. 750 crores, in one or more tranches by way of QIP, on such terms and conditions as may be decided by the Board or committee of the Board.

The Board approved proposal to increase in the investment limit for Foreign Institutional Investors (FIIs) from 40% to 50% of the company's paid-up capital and intimation to the Reserve Bank of India as required under applicable law.

The Board approved increase in the authorized share capital of the company from Rs. 120 crores to Rs. 150 crores and consequent alteration of the Memorandum of Association of the company.

The Board has decided to seek the approval of the shareholders through Extra Ordinary General Meeting (EGM) of the company.

Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.693.1 as compared to the previous close of Rs. 702.2. The total number of shares traded during the day was 25392 in over 3228 trades.

The stock hit an intraday high of Rs. 713 and intraday low of 675.9. The net turnover during the day was Rs. 17729822.

Source : Equity Bulls

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