Info Edge (India) on Wednesday announced that the company has invested an amount of Rs 15 crore in Smartweb Internet Services a wholly owned subsidiary of the company.
Smartweb is engaged in the business of providing all kinds of internet services and to act as investment advisor, financial consultant, management consultant, investment manager and/or sponsor of alternative investment funds.
Info Edge already holds 100% stake in Smartweb on a fully converted and diluted basis. Accordingly, it is a wholly owned subsidiary of the company. The company said that this investment would allow its subsidiary to meet its working capital requirement and further strengthen it financially.
The company has agreed to acquire 1,500,000 compulsorily convertible debentures (CCDs) having face value of Rs 100 each, convertible within a period not exceeding 10 years, at any time from the date of allotment.
Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc.
The company's standalone net profit jumped 66.9% to Rs 120.70 crore on a 51.6% increase in net sales to Rs 455.51 crore in Q4 FY22 over Q4 FY21.
Shares of Info Edge (India) were up 0.80% to Rs 4,162.05 on the BSE.
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