Date: September 21, 2022
-
The Manager- Listing
National Stock Exchange of India Limited (Scrip Code: NAUKRI) -
The Manager- Listing BSE Limited
(Scrip Code: 532777)
Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015
Dear Sir/Madam,
This is to inform you that the Board of Directors of the Company has approved entering into agreement to invest about Rs.80 Cr., in Metis Eduventures Private Limited ("Adda247") as primary acquisition of shares. The details of the transaction are given as under:
Sl. | Particulars | Details |
No. | ||
1. Name of the target entity, details in brief such | Metis Eduventures Private Limited ("Adda247") | |
as size, turnover etc. | ||
2-A/3 Kundan Mansion, Asaf Ali Road, New Delhi | ||
110002 |
Turnover (As on 31.03.2022): Rs. 64 Cr | |||
2. Whether the acquisition would | fall within | Since Adda247 is an Associate company of the Company, | |
related party transaction(s) and whether the | it is a Related Party. | ||
promoter/promoter group/group | companies | ||
have any interest in the entity being acquired? | Promoters of the Company have no interest in the said | ||
If yes, nature of interest and details thereof and | investment. | ||
whether the same is done at "arm's length" | |||
The transaction is done at Arms' Length Basis. | |||
3. Industry to which the entity being acquired | Adda247 is engaged in the business of delivering | ||
belongs | educational services and assistance to students preparing | ||
for examinations through software technology platforms | |||
(both web and mobile application) and is additionally | |||
engaged in delivering educational services through offline | |||
classroom based methodology. | |||
4. Objects and effects of acquisition (including | This follow on investment by the Company is in | ||
but not limited to, disclosure of reasons for | furtherance of Company's investment strategy, which | ||
acquisition of target entity, if its business is | includes making external financial investments that are | ||
outside the main line of business of the listed | focused on value creation in the medium to long term. | ||
entity. | |||
5. | Brief details of any governmental or regulatory | Not Applicable. | |
approvals required for the acquisition. |
6. Indicative time period for completion of Immediate acquisition
7. Nature of Consideration- whether cash Cash Consideration consideration or share swap and details of the
same.
8. | Cost of acquisition or the price at which the | About Rs. 80 Cr. | ||||||
shares are acquired. | ||||||||
9. | Percentage of shareholding/control acquired | The Company has agreed to acquire 14,088 Series B - | ||||||
and/ or number of shares acquired. | Compulsorily Convertible Preference Shares having face | |||||||
value of Rs. 5/- each as primary acquisition of shares. The | ||||||||
aggregate shareholding of the Company, post this | ||||||||
investment, in the said entity would be 23.01% on a fully | ||||||||
converted & diluted basis. | ||||||||
10. | Brief background about the entity acquired in | Adda247 which was incorporated on February 16, 2012 is | ||||||
terms of products/line of business acquired, | engaged in the business of delivering educational services | |||||||
date of incorporation, history of last 3 years | and assistance to students preparing for examinations | |||||||
turnover, country in which the acquired entity | through software technology platforms (both web and | |||||||
has presence and any other significant | mobile application) and is additionally engaged in | |||||||
information (in brief). | delivering educational services through offline classroom | |||||||
based methodology. | ||||||||
Last three years turnover: In INR Cr | ||||||||
2021-22 | 2020-21 | 2019-20 | ||||||
64 | 46.7 | 40.5 | ||||||
This is for your information and records.
Thanking You.
Yours faithfully,
For Info Edge (India) Ltd.
CHINTAN ARVIND THAKKAR
Digitally signed by
CHINTAN ARVIND THAKKAR
Date: 2022.09.21 13:25:00 +05'30'
Chintan Thakkar Whole-time Director & CFO
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Info Edge (India) Limited published this content on 21 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 September 2022 08:39:02 UTC.