Info Edge's board agrees to infuse Rs80 crore in Metis Eduventures; stock dips ~1.5%

22 Sep 2022 , 12:34 PM

Info Edge (India) Limited’s board of directors has approved entering into an agreement to invest up to Rs80 crore in Metis Eduventures Private Limited (Adda247) in form of primary acquisition of shares.

Adda247 is already an associate company of Info Edge, therefore it is a related party transaction.

Adda247 is in the business of providing educational services and help to students studying for exams using software technology platforms (both online and mobile application) and is also in the business of providing educational services via an offline classroom-based approach.

This follow-on investment is in furtherance of Info Edge’s investment strategy, which includes making external financial investments focused on long-term value development.

The company has agreed to acquire 14,088 Series B – Compulsorily Convertible Preference Shares with a face value of Rs5 each.

Info Edge’s total ownership in Adda247 after this investment would be 23.01%, on a fully converted and diluted basis.

At around 12.37 PM, Info Edge was trading at Rs4,014.70 down by Rs57.75 or 1.42% from its previous closing of Rs4,072.45 on the BSE. The scrip touched intraday high and low of Rs4,077.45 and Rs3,988.50 respectively.

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