IndiaMART to acquire 26% stake in IB MonotaRO Pvt Ltd for Rs. 104.2 crores

IndiaMART InterMESH Limited (hereinafter referred as 'Company') has entered into an agreement to acquire 26% of the share capital (on fully diluted basis) of IB MonotaRO Private Limited (hereinafter referred as 'IMPL').

IMPL, under its brand name 'Industry Buying', is engaged in the e-commerce business for Industrial and Business supplies in India. It offers utility products in Maintenance, Repairs and Overhaul (MRO) categories like power tools, abrasives, electronics, robotics, hand tools and many more such products to its customers primarily for industrial purposes.

The total turnover of IMPL for the financial year ended March 31, 2021 was Rs. 7.2 Crores.

This investment is in line with the Company's strategic initiative of transitioning towards commerce enablement.

The Company intends to invest upto Rs. 104.2 Crores approx. in IMPL by acquiring 8,11,250 Equity Shares at a price of Rs. 1,284.15/- (Rupees One Thousand Two Hundred Eighty Four and Fifteen Paise Only) per equity share from an existing shareholder via secondary purchase.

Shares of Indiamart Intermesh Limited was last trading in BSE at Rs. 4789.80 as compared to the previous close of Rs. 4766.40. The total number of shares traded during the day was 25832 in over 4656 trades.

The stock hit an intraday high of Rs. 4840.00 and intraday low of 4551.20. The net turnover during the day was Rs. 122372469.00.

Source : Equity Bulls

Keywords

IndiamartIntermesh INE933S01016 IBMonotaRO Acquisition IndustryBuying