Info Edge India Ltd invests Rs. 100 crores in Allcheckdeals India Pvt Ltd

Info Edge India Limited has invested an amount of Rs.100 Crores in Allcheckdeals India Pvt. Ltd., (ACD) wholly owned subsidiary of the Company through 1,00,00,000 - 0.0001% Compulsorily Convertible Debentures ("CCDs") having face value of Rs. 100/- each.

The Company already holds 100% stake in ACD on a fully converted and diluted basis. Accordingly, it is a wholly owned subsidiary of the Company in accordance with the Companies Act, 2013 and hence falls in the category of a related party as on the date of making this investment.

The said investment is to further strengthen the ACD financially in order for it to pursue its strategy of developing services with the use of technology and innovative business models in the large sized and rapidly growing real estate vertical through organic or inorganic channels. This would enhance value of the Company's investments on the one hand and on the other, it will boost synergies with the Company's operating business in the same vertical.

Source : Equity Bulls

Keywords

InfoEdgeIndia Investment Allcheckdeals CCDs