Info Edge (India) announced the proposed scheme of amalgamation between Makesense Technologies and PB Fintech.
The scheme is subject to the necessary approvals/sanctions from the jurisdictional National Company Law Tribunal (NCLT) or such other competent authority and shareholders and creditors of both the companies.Makesense Technologies, a subsidiary of Info Edge (India), is in the business of providing services and solutions in relation to placement consultancy, personnel recruitment, staffing, professional hiring and management consultancy to all kinds of persons, firms ororganizations.
PB Fintech is engaged in the business of operating a price comparison engine; operating an online sales channel for insurance policies and other financial products for customers; and providing other value added services apart from acting as adirect selling agent of banks and financial institutions.
The amalgamation will result in streamlining of the corporate structure; pooling of resources between the two companies; significant reduction in the multiplicity of legal and regulatory compliances required at present to be carried out by both the companies; rationalisation of costs; and reduction of administrative responsibilities, etc.
Upon the scheme of amalgamation, PB Fintech will allot its shares on a proportionate basis to shareholders of the Makesense Technologies. Further, there will be no change in shareholding pattern of Info Edge (India).
59,750 equity shares of face value Rs 2 each, fully paid up and 60,030 compulsorily convertible preference shares of face value Rs 20 each, fully paid up of PB Fintech in the proportion of the number of equity shares held by the shareholders in Makesense Technologies, the company said in a statement.
On a consolidated basis, Info Edge (India) reported a net profit of Rs 679.04 crore in Q3 December 2020 as compared to a net loss of Rs 62.12 crore in Q3 December 2019. Net sales declined 17.1% to Rs 277.64 crore in Q3 December 2020 over Q3 December 2019.
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.
Shares of Info Edge (India) rose 0.97% to Rs 4,628.30 on BSE. The stock hit an intraday high of Rs 4,679.20 and an intraday low of Rs 4,566.85 so far.
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