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Info Edge to infuse upto Rs135.40 crore for 25% stake in CodingNinjas; stock climbs ~2%

CodingNinjas is in the education sector and operates an e-learning platform - codingninjas.com.

October 04, 2022 11:00 IST | India Infoline News Service
Info Edge (India) Limited informed that the board of directors of the company has approved the investment of approximately Rs135.40 crore via a mix of primary and secondary purchases of shares in Sunrise Mentors Private Limited (CodingNinjas).

The company has agreed to acquire 22,836 compulsorily convertible preference shares (CCPS) of the face value of Rs10 each and 27,089 equity shares of the face value of Rs10 each.

CodingNinjas is in the education sector and operates an e-learning platform - codingninjas.com.

This investment will assist the company in exploring and capitalising on commercial synergies between the two platforms - Naukri and CodingNinjas.

The company's existing interest in Coding Ninja is about 26%. Its aggregate shareholding in CodingNinjas following this transaction would be 51% on a fully converted and diluted basis. As a result, CodingNinjas will become a subsidiary of the company.

The company expects to complete the transaction within 30 days, subject to the fulfillment of certain preceding customary criteria and other terms and conditions agreed upon in the applicable agreements.

At around 11.05 AM, Info Edge (India) was trading at Rs3,876.85 apiece, up by 1.89% from its previous closing of Rs3,804.90 on the BSE. The scrip opened at Rs3,850 and touched intraday high and low of Rs3,941.50 and Rs3,850 respectively.

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