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Info Edge to Bag Rs 1875 Cr from Qualified Institutional Buyers

Info Edge India Ltd functioning with online job provider Naukri.com, has been approved to augment Rs 1875 crore through qualified institutional placement offerings.

07th August 2020 Author: Divya Sharma
Info Edge to Bag Rs 1875 Cr from Qualified Institutional Buyers

Image Courtesy : entrackr.com


Info Edge India Ltd functioning with online job provider Naukri.com has been approved to augment Rs 1875 crore through qualified institutional placement offerings.

This amount will be secured from qualified institutional buyers (QIB) as a ground of Info Edge’s growth stratagem and to supplement the enduring resources of the corporation. The company will develop, issue, propose and allocate the equity shares at face value of Rs 10 each. 

This amount will be secured from qualified institutional buyers (QIB) as a ground of Info Edge’s growth stratagem and to supplement the enduring resources of the corporation. The company will develop, issue, propose and allocate the equity shares at face value of Rs 10 each. 

The Bombay stock exchange filing revealed that Info Edge’s fundraiser board has authorized the opening of the qualified institutional placement with the base price of Rs 3,177.18/equity share. At its discretion the organization has also offered a concession of up to 5% on the base price in the QIP. 

Qualification Institutional Placement is a means used by public corporations to vend shares and other securities that are fully convertible into stocks, to qualified institutional buyers, mutual funds, and insurance firms.

Info Edge passed a special resolution post voting through electronic voting system that is postal ballot and about 99.53% votes were casted in favor of issuing fresh capital. The expansion has triggered a 7% hedge in Info Edge stocks as compared to Tuesday. It was observed trading at Rs 3200/share at the closing of the market yesterday. It has scaled up to Rs 3,378/share as of this moment.

Info Edge is the second major corporation after Kotak Mahindra to advance such high funds through QIP this year. Kotak Mahindra Bank raised Rs 7,442 crore in May from ICICI Prude, Canada Pension Plan Investment Board along with Invesco Oppenheimer Developing Markets Fund.

Info Edge is the foremost internet business that possesses and functions Jeevansathi.com, Shiksha.com, 99acres.com, and Naukri.com. The business has 70+ branches in 47 cities in India and International Branches in Abu Dhabi, Riyadh, Dubai, and Bahrain which caters to the Middle East market.

Over the years, Info Edge also collaborated with corporations such as Mydala, PolicyBazaar, Happilyunmarried, 99labels, and Zomato among many others, by investing in them. Earlier in this year, Info Edge had also discovered Rs 100 crore worth maiden venture capital fund to fund tech startups in India.


Story Source : entrackr.com

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