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Info Edge India Ltd to invest in Shopkirana

Posted On: 2019-08-16 16:22:34

Info Edge India Ltd has entered into an agreement to invest, through its wholly-owned subsidiary, about Rs. 47 Crore in Shop Kirana E Trading Private Ltd.

Shopkirana is engaged in the business of developing a B2B ecommerce platfonn for ordering, delivery, payments and related products/services among various stakeholders in grocery / FMCG supply chain. Shopkirana helps retailers with simple and efficient M-distribution platform by ensuring the most competitive prices, quick delivery and single sourcing channel for retailers while brands have visibility and direct connect to retailers for promotions or product launch.

As part of company's strategic investments, the acquisition would help the Company to consolidate its presence into the aforesaid line of business within the Internet Services Industry.

The Company has agreed to acquire 2,333, 0.01% Compulsorily Convertible Preference Shares. The aggregate shareholding of the Company, post this investment, in the said entity would be 25.36% on a fully converted & diluted basis.

The consideration to be paid is about Rs. 47 Crore (as part of about Rs 71.4 crore round in which other new and existing investors are in vesting Rs 24.4cr)

Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.2185.8 as compared to the previous close of Rs. 2172.6. The total number of shares traded during the day was 4716 in over 1087 trades.

The stock hit an intraday high of Rs. 2197.45 and intraday low of 2119. The net turnover during the day was Rs. 10180115.


Source: Equity Bulls

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