Singapore's Temasek is set to invest in popular insurance portal Policybazaar by way of acquiring stake indirectly from its existing shareholder, Info Edge.
In a regulatory filing, Info Edge today said it has transferred its entire shareholding to its wholly-owned subsidiary Makesense Technologies for Rs 101.3 crore.
The entire stake transfer, done in two tranches, was completed on October 1.
Through a multi-layered deal, Temasek will initially funnel a little over Rs 31 crore into Policybazaar, or Etechaces Marketing and Consulting Pvt.
Makesense has entered into a pact with MacRitchie Investments Pte, an indirect wholly-owned subsidiary of Temasek.
Pursuant to the agreement, MacRitchie will acquire 49.99 per cent in Makesense for Rs 134.1 crore.
"Out of the above, Makesense will invest an amount of about Rs 31.1 crore in Policybazaar and this is part of the fund-raising undertaken by Policybazaar in March 2015, wherein the funding from Makesense was subject to approval from FIPB.
"Funds aggregating about Rs 101.3 crore will be used by Makesense to retire its payable to the company (Info Edge)," the filing said.
Post-transaction, Info Edge will have 50.01 per cent shareholding in Makesense, which would have 19.65 per cent stake in Policybazaar.
Info Edge owns various portals, including Naukri.Com, Jeevansathi.Com and 99acres.Com.
The stock of Info Edge rose marginally to close at Rs 792.60 on BSE.
