Info Edge (India) approves investment of Rs15cr in 4B Networks; Stock sheds 1%

4B is engaged in the business of enabling real estate developers and brokers.

Oct 05, 2021 12:10 IST India Infoline News Service

Info Edge (India) Ltd has informed that the Company has approved the investment of about Rs15cr, through its wholly-owned subsidiary, in 4B Networks Private Limited. This investment is in exercise of a right available to the Company to subscribe 4,245 additional securities for an amount upto Rs15cr.

Further, the Company already holds 19.9% stake in 4B on a fully diluted and converted basis. Accordingly, it is treated as a Joint Venture Company in accordance with applicable Accounting Standards and hence thus falls in the category of a related party as on the date of making this investment.

4B is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the Broker Network Platform. It helps Brokers conduct site visits and provide home loan related services to their clients.

As part of Company's strategic investments, the investment would help the Company to strengthen its offering in the real estate segment by providing a new platform to real estate industry professionals to conduct their business efficiently.

At around 12:07 PM, Info Edge (India) was trading at Rs6,459.40 apiece down by Rs85.85 or 1.31% on Sensex.

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