Allcheckdeals India Pvt Ltd to invest in NewInc Internet Services Pvt Ltd

Allcheckdeals India Pvt. Ltd. ('ACD'), a wholly owned subsidiary of the Company has agreed to invest an amount of Rs. 1 Crore in its wholly owned subsidiary - NewInc Internet Services Private Limited, a step down wholly owned subsidiary of the Company.

NewInc is engaged in the business of providing all kinds and types of internet, computer and electronics data processing services.

ACD has agreed to acquire 1,00,000 - 0.0001% Compulsorily Convertible Debentures ("CCDs") having face value of Rs. 100/- each. Post this investment, NewInc will remain the step down wholly-owned subsidiary of the Company.

The said investment is done to meet working capital requirement, and other general corporate purposes of NewInc.

Shares of Info Edge (India) Limited was last trading in BSE at Rs. 6244.30 as compared to the previous close of Rs. 6189.30. The total number of shares traded during the day was 16920 in over 1759 trades.

The stock hit an intraday high of Rs. 6270.40 and intraday low of 6109.75. The net turnover during the day was Rs. 104739791.00.

Source : Equity Bulls

Keywords

InfoEdgeIndia INE663F01024 AllcheckdealsIndia Investment NewIncInternetServices