4 Oct 2022 , 11:06 AM
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.
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