Info Edge subsidiary Allcheckdeals India invests Rs90 crore in 4B Networks

5 Sep 2022 , 10:55 AM

Allcheckdeals India Pvt. Ltd. (“ACD”), a wholly-owned subsidiary of Info Edge India Limited has invested an amount of about Rs90 crore, in 4B Networks Private Limited.

Given, 4B is a subsidiary of ACD. Accordingly, 4B is a step-down subsidiary of the Company and hence falls in the category of a related party, Info Edge said in a filing.

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 customers.

The investment would help ACD to strengthen its offering in the real estate segment by providing a new platform to real estate industry professionals to conduct their business efficiently through the majority held in 4B post this investment.

ACD has agreed to acquire 1,913 Compulsorily Convertible Preference Shares (CCPS). The aggregate shareholding of the Company through ACD, post this investment together with previous investments, in the said entity would be 59.80% on a fully converted and diluted basis.

At around 10:57 AM, Info Edge (India) Ltd is currently trading at Rs4,248.95 per share down by Rs2.05 or 0.05% from its previous closing of Rs4,251 per share on the BSE.

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