Info Edge (India) Ltd to invest Rs. 41.2 crore in Adda247

Info Edge (India) Ltd has entered into an agreement to invest about Rs.41.2 Cr., in Metis Eduventures Private Limited ('Adda247') through a mix of primary & secondary acquisition of shares.

Adda247 is an online government jobs preparation platform. It is India's leading education-technology company that helps students prepare for several government jobs via its multiple platforms - bankersadda.com, sscadda.com, Adda247 mobile app, Adda247 Youtube channel, ctetadda.com and Career Power.

As part of Company's strategic investments, the acquisition would help the Company to consolidate its presence into a new line of business within the Internet Services/Tech Industry.

Pursuant to this agreement, the Company will acquire 868 Compulsorily Convertible Preference Shares having face value of Rs. 10/- as Primary and 1102 Equity Shares having face value of Rs10/- as Secondary mode of acquisition of shares. The aggregate shareholding of the Company, post this investment, in the said entity would be 24.49% on a fully converted & diluted basis.

Shares of Info Edge (India) Limited was last trading in BSE at Rs. 6118.35 as compared to the previous close of Rs. 6050.80. The total number of shares traded during the day was 2711 in over 893 trades.

The stock hit an intraday high of Rs. 6138.70 and intraday low of 6060.00. The net turnover during the day was Rs. 16579868.00.

Source : Equity Bulls

Keywords

InfoEdgeIndiaLimited INE663F01024 NAUKRI MetisEduventures Adda247