Info Edge (India) Ltd approves investment of Rs. 15 crore in 4B Networks Pvt Ltd

Info Edge (India) Ltd has approved the investment of about Rs.15 Cr., through its wholly-owned subsidiary, in 4B Networks Private Limited. This investment is in exercise of a right available to the Company to subscribe 4,245 additional securities for an amount upto Rs.15 Cr.

The Company already holds 19.9% stake in 4B on a fully diluted and converted basis. Accordingly, it is treated as a Joint Venture Company in accordance with applicable Accounting Standards and hence thus falls in the category of a related party as on the date of making this investment.

4B is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the Broker Network Platform. It helps Brokers conduct site visits and provide home loan related services to their clients.

As part of Company's strategic investments, the investment would help the Company to strengthen its offering in the real estate segment by providing a new platform to real estate industry professionals to conduct their business efficiently.

Shares of Info Edge(India) Ltd. was last trading in BSE at Rs. 6549.75 as compared to the previous close of Rs. 6430.2. The total number of shares traded during the day was 12041 in over 2470 trades.

The stock hit an intraday high of Rs. 6582.2 and intraday low of 6429.5. The net turnover during the day was Rs. 78373829.

Source : Equity Bulls

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