IndiaMART InterMESH Ltd to invest in Mobisy

IndiaMART InterMESH Limited (hereinafter referred as 'Company') had entered into an agreement to purchase 100 equity shares and subscribe to 91,804 Compulsory Convertible Preference Shares of Mobisy Technologies Private Limited (hereinafter referred as 'Mobisy') from an existing shareholder. Further, Mobisy is also undertaking a fund raise through primary subscription from a new investor.

Consequent to consummation of primary transaction as stated above, 80,000 Compulsorily Convertible Debentures subscribed by the Company are likely to be converted into approximately 42,697, 0.001% Compulsorily Convertible Preference Shares of the face value of Rs. 1/- each to the Company.

Accordingly, the aggregate shareholding of the Company in Mobisy would increase to approximately 31.33% of the share capital (on a fully diluted basis).

Mobisy is engaged in a business of developing web and mobile applications in relation to sales force and downstream supply chain automation solutions. It's main product, Bizom, is a SaaS based end to end retail intelligence platform for brands and retailers. It allows businesses to digitize their sales and distribution using Sales Force Automation (SFA), Distributor Management System (DMS), and retail execution and management solutions. It uses a proprietary analytics engine with AI and ML to deliver custom reports, alerts and actionable insights to businesses.

Shares of Indiamart Intermesh Limited was last trading in BSE at Rs. 2346.80 as compared to the previous close of Rs. 2343.15. The total number of shares traded during the day was 8458 in over 1948 trades.

The stock hit an intraday high of Rs. 2354.75 and intraday low of 2323.00. The net turnover during the day was Rs. 19774437.00.

Source : Equity Bulls

Keywords

IndiamartIntermesh INE933S01016 Investment PurchaseAgreement MobisyTechnologies