IndiaMart InterMesh acquires 26% stake in IB MonotaRO; yet another significant acquisition this week

23 Feb 2022 , 01:16 PM

Indiamart Intermesh Ltd. announces another acquisition of a 26% stake in an e-commerce operator IB MonotaRO Private Limited worth ~Rs104.20 crore, leaving investors enthusiastic about the company’s future prospects.

Its scrip gained 0.33% or Rs15.60 in today’s trade at Rs4,806.25 against its previous closing price of Rs4,790.65. It touched a day’s high of Rs4,978 so far in today’s trade, hinting at an upside trend.

The Company intends to invest upto Rs104.20 crores approx. in IMPL by acquiring 8,11,250 Equity Shares at a price of Rs1,284.15 (Rupees One Thousand Two Hundred Eighty-Four and Fifteen Paise Only) per equity share from an existing shareholder via secondary purchase.

The final aggregate shareholding of the Company, post this acquisition, in IMPL, would be 26% on a fully diluted basis.

IMPL, under its brand name ‘Industry Buying’, is engaged in the e-commerce business for Industrial and Business supplies in India. Company engages in utility products related to Maintenance, Repairs and Overhaul (MRO) categories like power tools, abrasives, electronics, robotics, hand tools and many more such products to its customers primarily for industrial purposes. The total turnover of IMPL for the financial year ended March 31, 2021 stood at Rs7.20 Crores.

Indiamart recently also acquired 16.53% stake in Fleetx Technologies worth Rs91.42 crore.