Tradezeal to sell stake in ProcMart

Tradezeal Online Private Limited, (hereinafter referred as 'Tradezeal'), a wholly owned subsidiary, of IndiaMART InterMESH Limited (hereinafter referred as 'Company') has agreed to sell 4,850 equity shares of Instant Procurement Private Limited (hereinafter referred as 'ProcMart').

Sixth Sense India Opportunities Fund, a trust established under the Indian Trust Act, 1882, and registered with the Securities and Exchange Board of India as Category II Alternative Investment Fund is the buyer.

Consequent to the above transaction and subscription of shares by the new investors in ProcMart, the shareholding of Tradezeal shall be 19.5% on fully diluted basis. However, the exact percentage of fully diluted shareholding shall depend on the adjustments in the conversion ratios of Compulsory Convertible Preference Shares ('CCPS') determined basis occurrence of certain events in future.

Post the round, IndiaMART's shareholding through it's Wholly Owned Subsidiary, Tradezeal Online Private Limited shall be in range of 17.9% - 19.5% on a fully diluted basis, depending on the adjustments in the conversion ratios of CCPS to be determined in future.

Shares of Indiamart Intermesh Limited was last trading in BSE at Rs. 4810.35 as compared to the previous close of Rs. 4795.80. The total number of shares traded during the day was 6422 in over 2073 trades.

The stock hit an intraday high of Rs. 4835.00 and intraday low of 4750.05. The net turnover during the day was Rs. 30870357.00.

Source : Equity Bulls

Keywords

IndiamartIntermesh INE933S01016 TradezealOnline StakeSale ProcMart