Info Edge (India) Limited announced investment of an amount of about INR 3,000 million in Startup Internet Services Ltd(SISL)., a wholly owned subsidiary of the Company. The Company already holds 100% stake in SISL on fully converted and diluted basis. Accordingly, it is a wholly- owned subsidiary of the Company and hence falls in the category of a related party as on the date of making this investment.
Promoters of the Company have no interest in the said investment. The transaction is done at Arm's Length basis. Indicative time period for completion of acquisition: Within 6 months from the approval by Company.
Cost of acquisition and/or the price at which the shares are acquired. About INR 3,000 million. Percentage of shareholding/control acquired and/or number of shares acquired: The Company has agreed to acquire 3,00,00,000 Compulsorily Convertible Debentures ("CCDs") having ace value of INR 100/- each.
Post this investment, SISL remains the wholly-owned subsidiary of the Company.
