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Info Edge India Ltd to invest Rs. 35 crore in Greytip Software Pvt Ltd

Posted On: 2019-10-05 09:46:45

Info Edge India Ltd has entered into an agreement to invest about Rs. 35 Cr. in Greytip Software Private Limited.

Greytip Software is an HR and Payroll SaaS company focused on serving SME customers in India and abroad. Their software solutions cover all areas, including employee information management, leave and attendance management, payroll, expense claims, and more They enable companies in their digital transformation by streamlining HR operations, increasing productivity, and by enhancing employee experience.

As part of company's strategic investments, the investment would help the Company to diversify its presence into new line of business.

Since, one of the direnors ofthe Company holds the office of Nominee Director in GreytHR, it has been treated as Related Party as on the date of making this Investment. Promoters of the Company have no interest in the said investment, The transaction has been done at Arm's Length basis.

The Company has agreed to acquire 404,696 Compulsorily Convertible Preference Shares and 29,948 Ordinary Shares via mix of primary infusion and secondary purchase. The aggregate shareholding of the Company, post this investment, in the said entity would be 20.25% on fully converted & diluted basis.

With over 9000 customers spread over 150 cities in India and the Middle East, and million payslips being generated on the platform, Greytip Sofiware has now become one of the largest player in the SMB HR tech space.

Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.2255 as compared to the previous close of Rs. 2120.55. The total number of shares traded during the day was 30339 in over 3803 trades.

The stock hit an intraday high of Rs. 2325.5 and intraday low of 2142. The net turnover during the day was Rs. 67985046.


Source: Equity Bulls

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