Info Edge India Ltd to invest Rs. 10.6 crore in Bizcrum Infotech Pvt. Ltd.

Info Edge India Ltd has entered/agreed to enter into an agreement to invest, through its wholly-owned subsidiary, an amount upto Rs.10.6 Crore in Bizcrum Infotech Private Ltd.

The Company has acquired/agreed to acquire 2,869 cumulative, non-redeemable, mandatorily and fully convertible preference shares, through a mix of primary & secondary mode of acquisition, as part of a larger fund raise exercise by Bijnis including other third party investors. Upon the successful closing of the said fund raise exercise, the aggregate shareholding of the Company in the said entity would be around 28.22% on fully converted & diluted basis.

Bijnis (formerly known as Shoekonnect) is building India's most trusted B2B 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 80bn industry. The platform is digitally enabling the manufacturers to expand their business by building their distribution and giving direct access to retailers. Bijnis aims to build an all-round one app solution for manufacturers from building their distribution to helping them with finance, production automation, etc.

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

Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.3194.55 as compared to the previous close of Rs. 3253.85. The total number of shares traded during the day was 8249 in over 1202 trades.

The stock hit an intraday high of Rs. 3296.95 and intraday low of 3193.7. The net turnover during the day was Rs. 26753519.

Source : Equity Bulls

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