Info Edge India Ltd to invest Rs. 80 crores in Adda247

The Board of Directors of Info Edge India Ltd has approved entering into agreement to invest about Rs.80 Cr., in Metis Eduventures Private Limited ("Adda247") as primary acquisition of shares.

The Company has agreed to acquire 14,088 Series B - Compulsorily Convertible Preference Shares having face value of Rs. 5/- each as primary acquisition of shares. The aggregate shareholding of the Company, post this investment, in the said entity would be 23.01% on a fully converted & diluted basis.

Adda247 is engaged in the business of delivering educational services and assistance to students preparing for examinations through software technology platforms (both web and mobile application) and is additionally engaged in delivering educational services through offline classroom based methodology.

This follow on investment by the Company is in furtherance of Company's investment strategy, which includes making external financial investments that are focused on value creation in the medium to long term.

Source : Equity Bulls

Keywords

InfoEdgeIndia MetisEduventures Adda247 Investment