Info Edge India Ltd has invested through its wholly-owned subsidiary about Rs.3 Cr. in Ideaclicks Infolabs Private Limited ("Zippserv").
Zippserv (www.zerv.corn) is an online platform which provides data-driven real estate intelligence to enable smart property purchase. The company's two flagship products are 'CleanProperties' and 'PricePoint'. CleanProperties provides instant access to land titles, conversion records, building approvals, liens and litigations for lOOOs of ongoing apartment projects. PricePoint's analytics engine tracks lakhs of recently registered sale transactions and gives granular actionable insights for buyers at a project level so that buyers get a leg up in negotiations.
As part of company' s strategic investments, the acquisition would help the Company to consolidate its presence into a new line of business within the Internet Services Industry.
The company will acquire 29,96,026, 0.01%, Series B, Compulsorily Convertible Preference Shares having a face value of Rs.10 each. The aggregate shareholding of the Company, post this initial investment, in the said entity would be 45.31% (subject to change pursuant to milestones agreed in the relevant Investment Agreement) on fully converted & diluted basis.
Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.1204 as compared to the previous close of Rs. 1222.3. The total number of shares traded during the day was 5755 in over 773 trades.
The stock hit an intraday high of Rs. 1253.6 and intraday low of 1204. The net turnover during the day was Rs. 7059770.