Info Edge (India) Ltd to acquire 100% stake in doselect.com for Rs. 21 crores

The Board of Directors of Info Edge (India) Ltd. at its meeting held on July 5, 2021, approved acquisition of 100% of the Share Capital on a fully diluted basis of Axilly Labs Private Limited ("DoSelect") for an aggregate cash consideration of about Rs.21 Crores. The transaction is subject to fulfilment of certain prescribed conditions precedent and other terms and conditions as per Share Purchase Agreements authorised to be signed by the Board for the proposed acquisition.

DoSelect is engaged in the business of providing technical assessment services to its clients for recruitment and learning purposes. It delivers these services via its technical assessment platform 'doselect.com'.

The proposed acquisition would help the Company to offer a new variety of services under its flagship brand Naukri.com helping the Company to further consolidate its position in the online recruitment solutions segment where Naukri.com already enjoys an established leadership position.

The Company has agreed to acquire 100% (One Hundred Percent) Share Capital on a fully diluted basis. Post the acquisition, DoSelect will become wholly-owned subsidiary of the Company.

Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.5466.9 as compared to the previous close of Rs. 5366.55. The total number of shares traded during the day was 74363 in over 14102 trades.

The stock hit an intraday high of Rs. 5626 and intraday low of 5422.25. The net turnover during the day was Rs. 410717989.

Source : Equity Bulls

Keywords