Stock Report

IndiaMART InterMESH Ltd invests in Mynd Solutions Pvt Ltd

Posted On : 2021-11-01 22:06:57( TIMEZONE : IST )

IndiaMART InterMESH Ltd invests in Mynd Solutions Pvt Ltd

IndiaMART InterMESH Limited (hereinafter referred as 'Company') has acquired 7.70% (on fully diluted basis) of share capital of Mynd Solutions Private Limited.

The Company shall invest a total of Rs 32,43,40,096/- to purchase 33,36,489 Equity Shares from India Opportunities Fund (IOF), scheme of SIDBI, through a secondary sale, at a price of Rs. 97.21 per equity share. The final aggregate shareholding of the company, post this investment, in the said entity would be 7.70% on a fully converted and diluted basis.

This investment is in line with the Company's long-term objective of offering various fintech solutions including invoice discounting for businesses.

Mynd Solutions Private Limited, under its brand name 'M1xchange', is a digital marketplace to sell receivables to banks/ NBFCs set under the approval of RBI.

Mynd Solutions Private Limited is one of the RBI licensed entity, to set up TReDS platform with an objective of facilitating invoice discounting for MSMEs on PAN India basis.

The total turnover for the entity for the last three Financial Years ended March 31, 2021, March 31, 2020 and March 31, 2019 was Rs. 8.62 Cr, Rs. 5.36 Cr and 2.38 Cr, respectively.

Shares of Indiamart Intermesh Limited was last trading in BSE at Rs. 7187.90 as compared to the previous close of Rs. 7148.05. The total number of shares traded during the day was 6306 in over 2701 trades.

The stock hit an intraday high of Rs. 7242.85 and intraday low of 7118.70. The net turnover during the day was Rs. 45280667.00.

Source : Equity Bulls


IndiamartIntermesh INE933S01016 Investment MyndSolutions