The entire net proceeds from this transaction are proposed to be used for expansion and growth activities related to the E-Commerce business.
Commenting on the sale, Mr. Arvind Kajaria, Managing Director said, "We are happy to welcome new investors into our Company. The funds raised will help us expand our E-Commerce Business as we move on to a growth trajectory.”
The shares were sold by Intrasoft Beneficiary Trust, whose sole beneficiary is the Company. Intrasoft Beneficiary Trust was set up in 2007 pursuant to a Scheme of Amalgamation that was approved by the Bombay High Court and the Calcutta High Court, to hold shares solely for the benefit of the Company.
After the completion of this transaction, the entire number of equity shares held by the Intrasoft Beneficiary Trust has been sold and now the Trust does not hold any further shares of the Company.