IndiaMART InterMESH stock jumps ~1% owing to acquisition of stake in Fleetx

22 Feb 2022 , 04:18 PM

IndiaMART InterMESH Ltd. announced that the company has inked a pact to invest 16.53% of the share capital of Fleetx Technologies Private Limited.

Fleetx is a freight and fleet management platform which helps both fleet operators as well as businesses to digitize their logistics operations and helps them improve the safety, efficiency, and sustainability of their vehicles and operations.

As part of the current funding round, the Company intends to invest up to Rs91.42 crores approximately in Fleetx by subscribing of 10,323 Series B Compulsorily Convertible Preference Shares (‘CCPS’) of the face value of Rs10 per CCPS at a premium of Rs67,420 (Rupees Sixty-Seven Thousand Four Hundred and Twenty Only) per CCPS aggregating upto Rs69.61 crores; and Purchase of 3,805 Equity Shares of face value of Rs10 per equity share at a price of Rs57,315 (Rupees Fifty Seven Thousand Three Hundred and Fifteen Only) from existing shareholders, aggregating upto Rs21.81 crores.

The aggregate shareholding of the Company, post this investment, in Fleetx would be 16.53% on a fully diluted basis.

IndiaMART InterMESH ended at Rs4,799.80, up by Rs43.10 or 0.99% against its previous closing of Rs4,756.70. It touched day’s high and low of Rs4,844 and Rs4,555 respectively.