IndiaMART InterMESH gained 1.65% to Rs 4881.15 after the company announced that it has entered into a share purchase agreement to disinvest its entire 30% stake in equity share capital of Ten Times Online by way of sale of 18,701 equity shares.
The company is selling the aforementioned shares of Ten Times to its co-founder and whole-time director Atul Todi for a consideration of Rs 12 lakh.
"The sale/disposal of shares is expected to be completed within 10 days from the date of execution of Share Purchase Agreement, IndiaMART said in a statement.
IndiaMART InterMESH is India's largest online B2B marketplace for business products and services. IndiaMART makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions. IndiaMART provides ease and convenience to the buyers by offering a wide assortment of products and a responsive seller base while offering lead generation, lead management and payment solutions to its sellers.
The company's consolidated net profit jumped 61% to Rs 113 crore on 34% rise in net sales to Rs 251 crore in Q3 December 2022 over Q3 December 2021.
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