Info Edge India invests Rs. 140 crores in Allcheckdeals

Info Edge India Ltd has invested an amount of Rs.140 Crores in Allcheckdeals India Pvt. Ltd. (ACD), wholly owned subsidiary of the Company.

The Company already holds 100% stake in ACD on a fully converted and diluted basis. Accordingly, it is a wholly owned subsidiary of the Company and engaged in the business of Brokerage services in the real estate sector in India.

The said investment is to further strengthen the Wholly owned Subsidiary financially in order for it to pursue its strategy of developing services with the use of technology and innovative business models in the large sized and rapidly growing real estate vertical through organic or inorganic channels.

This would enhance value of the Company's investments on the one hand and on the other, it will boost synergies with the Company's operating business in the same vertical.

Shares of Info Edge (India) Limited was last trading in BSE at Rs. 4497.00 as compared to the previous close of Rs. 4529.85. The total number of shares traded during the day was 11463 in over 1628 trades.

The stock hit an intraday high of Rs. 4594.45 and intraday low of 4472.20. The net turnover during the day was Rs. 52022128.00.

Source : Equity Bulls

Keywords

InfoEdgeIndia INE663F01024 Investment Allcheckdeals