Info Edge India Ltd's subsidiary invests Rs. 4 crores in NewInc

Allcheckdeals India Pvt. Ltd.("ACD"), a wholly owned subsidiary of Info Edge (India) Ltd has invested an amount of Rs. 4 Crores in its wholly owned subsidiary-NewInc Internet Services Pvt. Ltd ("NewInc"), step down wholly owned subsidiary of the Company.

NewInc is engaged in the business of providing all kinds and types of internet, computer and electronics data processing services.

ACD has agreed to acquire 4,00,000 - 0.0001% Compulsorily Convertible Debentures ("CCDs") having face value of Rs. 100/- each. Post this investment, NewInc remains the step down wholly-owned subsidiary of the Company.

The said investment is done to meet working capital requirement of the NewInc.

Shares of Info Edge (India) Limited was last trading in BSE at Rs. 3512.20 as compared to the previous close of Rs. 3586.65. The total number of shares traded during the day was 5409 in over 1236 trades.

The stock hit an intraday high of Rs. 3597.45 and intraday low of 3500.00. The net turnover during the day was Rs. 19149254.00.

Source : Equity Bulls

Keywords

InfoEdgeIndia INE663F01024 AllcheckdealsIndia Investment NewIncInternetServices