Info Edge (India) Ltd. has invested an amount of about Rs.7 crores in 4B Networks Private Limited through its wholly-owned subsidiary.
4B is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the Broker Network Platform. It helps Brokers conduct site visits and provide home loan related services to their clients.
The Company already holds 12.3% stake in 4B on a fully diluted and converted basis. Accordingly, it is treated as a Joint Venture Company in accordance with applicable Accounting Standards and hence thus falls in the category of a related party as on the date of making this investment.
As part of Company's strategic investments, the investment would help the Company to strengthen its offering in the real estate segment by providing a new platform to real estate industry professionals to conduct their business efficiently.
The Company has agreed to acquire additional 1,358 Compulsorily Convertible Preference Shares (CCPS) to increase its shareholding in 4B from 12.3% to 19.9% on a fully diluted and on as converted basis.
Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs. 5216.3 as compared to the previous close of Rs. 5206.9. The total number of shares traded during the day was 88246 in over 2846 trades.
The stock hit an intraday high of Rs. 5275 and intraday low of 5183.25. The net turnover during the day was Rs. 459129255.