IndiaMart InterMesh completes acquisition of 51.09% stake in Finlite; stock slips ~1%

24 May 2022 , 11:18 AM

IndiaMart InterMesh Limited on Monday has completed the acquisition of a stake in Finlite Technologies Private Limited.

The company stated in its filing, “This is in continuation to our earlier intimation dated March 25, 2022, regarding disclosure in terms of Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding proposed acquisition of 51.09% (on a fully diluted basis) of the share capital of Finlite Technologies Private Limited.”

The company has completed such acquisition on May 23, 2022, consequent to the approval of transfer and allotment of shares leading to Finlite becoming a Subsidiary of the Company.

IndiaMart’s stock was trading 0.87% lower at Rs4,242 against its previous close of Rs4,279.15 on NSE. So far in the day, it touched an intraday high and low of Rs4324.95 and Rs4,215.65 respectively.