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Info Edge (India) Ltd arm to invest Rs. 4 crore in ShoeKonnect

Posted On: 2019-09-13 21:41:20

Info Edge (India) Ltd has entered into an agreement to invest, through its wholly-owned subsidiary, about Rs.4 Crore in Bizcrum Infotech Private Ltd.

Since ShoeKonnect is an Associate company of the Company, it is Related Party. Promoters of the Company have no interest in the said investment.

ShoeKonnect is building India's most trusted B2B Ecommerce platform primarily focused on fashion and lifestyle vertical solving the problem of discovery, payments and logistics by bridging the gap between suppliers and retailers in the largely unorganized USD SObn industry. ShoeKonnect is enabling brands, manufacturers, wholesalers and retailers to connect, communicate transact with each other for conducting and expanding their business. The platform facilitates catalogue/inventory uploading, order placement, order receipt, delivery scheduling and payment management) amongst manufacturers, wholesalers, manufacturers and retailers.

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

The Company has acquired 1,622 Compulsorily Convertible Preference Shares and 10 Ordinary shares. The aggregate shareholding of the Company, post this investment, in the said entity would be 32.85% on fully converted diluted basis.

Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.1900 as compared to the previous close of Rs. 1864.55. The total number of shares traded during the day was 14681 in over 1566 trades.

The stock hit an intraday high of Rs. 1912.2 and intraday low of 1838.9. The net turnover during the day was Rs. 27738294.


Source: Equity Bulls

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