Info Edge India Ltd to invest Rs. 30 crores in Redstart Labs India Ltd

Info Edge (India) Limited in its meeting of Committee of Executive Directors held on March 27, 2024 has agreed to invest an amount of Rs. 30 Crores in Redstart Labs (India) Limited, wholly-owned subsidiary of the Company.

Redstart is engaged in the business of providing all types of Internet services, development of software, consultancy, technical support for consumer companies, internet or SAAS providers, and any other services in the area of information technology and product development.

The Company has agreed to acquire 3,000,000 Compulsorily Convertible Debentures ("CCDs") having face value of Rs. 100/- each. Post this investment, Redstart remains the wholly-owned subsidiary of the Company.

This investment is being done to meet the working capital requirements, explore investment opportunities and other general purposes.

Shares of Info Edge (India) Limited was last trading in BSE at Rs. 5473.25 as compared to the previous close of Rs. 5220.60. The total number of shares traded during the day was 29133 in over 4937 trades.

The stock hit an intraday high of Rs. 5544.05 and intraday low of 5217.00. The net turnover during the day was Rs. 158676879.00.

Source : Equity Bulls

Keywords

InfoEdgeIndia INE663F01024 Investment RedstartLabsIndia