Info Edge India Ltd has, pursuant to the authorization given by the Board of Directors on recommendation of the Audit Committee, entered into an agreement for divestment of its total shareholding, on fully converted & diluted basis, (including holding through its wholly owned subsidiary) in Applect Learning Systems Private Ltd. ('Meritnation'). Taking into consideration the independent valuation report, the sale value of the investment is determined as about INR 500 Million.
Meritnation owns & operates website with the name of www.meritnation.com which is delivering kindergarten to Class 12 (K-12) study material.
The shareholding has been agreed to be bought by Aakash Educational Services Limited ("AESL"). AESL is India's largest medical test preparation provider with network of over 200 centers across 130 cities, teaching about 250,000 students, along With fast growing digital business. AESL prepares students from grades to 12, to prepare for medical, engineering and other competitive examinations like Olympiads and NTSE. AESL was founded as Aakash Institute around three decades back by Mr. LC. Chaudhry, AESL has demonstrated consistent track record of results in both medical and engineering entrance examinations over the last three decades In 2019, out of the top 10 NEET rank-holders were AESL students. AESL recently partnered with the Blackstone Group, one of the world's leading investment firms, to build India's largest digitally enabled, omni-channel education company. Further Information is available at www.aakash.ac.in.
Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.2531.05 as compared to the previous close of Rs. 2563.45. The total number of shares traded during the day was 4354 in over 1138 trades.
The stock hit an intraday high of Rs. 2560 and intraday low of 2522.2. The net turnover during the day was Rs. 11025167.