Info Edge gains on acquiring controlling stake in CodingNinjas

6 Oct 2022 , 12:51 PM

In an exchange filing made late on Monday (03 October 2022), the company said that its board has approved the investment by Info Edge of approximately Rs 135.4 crore via a mix of primary and secondary purchase of shares in Sunrise Mentors by acquisition of 22,836 compulsorily convertible preference shares (CCPS) of face value Rs 10 each and 27,089 equity shares of face value Rs 10 each (investment). The shareholding of the company in Coding Ninja is currently about 26% and the aggregate shareholding of the company, post this investment, in CodingNinjas would be 51% on a fully converted & diluted basis. Accordingly, CodingNinjas would become subsidiary of the company. Sunrise Mentors (CodingNinjas) is engaged in the business of education and operation of an e-learning platform – codingninjas.com. The company had recorded a turnover of Rs 28.9 crore in FY 2021-22. The company expects to complete the transaction within 30 days subject to fulfilment of certain customary conditions precedent and other terms and conditions agreed under the relevant agreements. This investment would help the Company to explore and maximize business synergies between the two platforms – Naukri and CodingNinjas,? Info Edge said in a statement. Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc. The companys standalone net profit jumped 47% to Rs 148.43 crore on a 58.8% increase in net sales to Rs 507.66 crore in Q1 FY23 over Q1 FY22. In the past one year, the scrip has declined 39.22% while the benchmark Sensex has added 0.38% during the same period. Powered by Capital Market – Live News