Info Edge (India) rose 5.05% to Rs 1235 at 11:50 IST on BSE after the company said it has signed an agreement with SoftBank to jointly invest $90 million in the parent of PolicyBazaar.
The announcement was made after market hours yesterday, 25 June 2018.Meanwhile, the S&P BSE Sensex was up 77.73 points, or 0.22% to 35,548.08.
On the BSE, 18,000 shares were traded in the counter so far compared with average daily volumes of 1,450 shares in the past two weeks. The stock had hit a high of Rs 1,288.35 and a low of Rs 1,184 so far during the day. The stock hit a record high of Rs 1,457.50 on 22 January 2018. The stock hit a 52-week low of Rs 919 on 22 August 2017.
Info Edge (India) has entered into an agreement with SVF India Holdings (Cayman) (Soft Bank), a wholly owned subsidiary of SoftBank Vision Fund L.P., of which SoftBank Group Corp. is a limited partner, whereby Soft Bank has agreed to invest an amount equivalent to about $45 million for 49.99% stake (on a fully diluted basis) in Diphda Internet Services (Diphda), a wholly owned-subsidiary of the company, for the time being.
Info Edge (India) has also agreed to invest an amount equivalent to about $45 million in Diphda for 50.01% stake (on a fully diluted basis); and to jointly invest through Diphda, an amount equivalent to about $90 million in Etechaces Marketing & Consulting (Etechaces) for 8.93% stake (on a fully diluted basis post completion of fund raise exercise with other investors).
Etechaces Marketing & Consulting is a fintech and marketing company which works extensively in the financial sector (insurance and non-insurance) and offers an online marketplace for insurance products under the name & style of www.policybazaar.com and for other financial products like loans and credit cards under the name & style of www.paisabazaar.com.
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Info Edge (India) reported net loss of Rs 13.76 crore in Q4 March 2018 as against net profit of Rs 32.87 crore in Q4 March 2017. Net sales rose 15.47% to Rs 240.66 crore in Q4 March 2018 over Q4 March 2017.
Info Edge (India) is India's premier online classifieds company in recruitment, matrimony, real estate, education and related services.
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