Info Edge (India) invests Rs15 crore in wholly-owned subsidiary Smartweb Internet Services

20 Jul 2022 , 03:18 PM

Info Edge (India) Limited has informed that the Company has invested an amount of Rs15 crore in Smartweb Internet Services Ltd., wholly owned subsidiary of the Company. 

According to the filing, the Company already holds 100% stake in Smartweb on a fully converted and diluted basis. Accordingly, it is a wholly owned subsidiary of the Company and hence falls in the category of a related party as on the date of making this investment. 

Further, Smartweb is engaged in the business of providing all kinds of internet services and to act as investment advisor, financial consultant, management consultant, investment manager and/or sponsor of alternative investment funds, the company said.

In addition to the statement, the present investment would allow its mentioned wholly owned subsidiary to meet its working capital requirement and further strengthen it financially.

On Wednesday at around 3:15 PM, Info Edge (India) was trading at Rs4,145 per share up by Rs16.1 or 0.39% from its previous closing of Rs4,128.90 per share on the BSE.