Info Edge Board Approves Rs 200 Cr Investment in Two Wholly-Owned Subsidiaries

New Delhi: Info Edge on Tuesday said its board has approved about Rs 200 crore investment in two of its wholly-owned subsidiaries, Startup Internet Services and Startup Investments.

Under the plan, the company will infuse about Rs 100 crore each into the equity shares of Startup Internet Services Ltd (SISL) and Startup Investments (Holding) Ltd (SIHL) to support their investment opportunities, including contributions to alternative investment funds (AIFs), Info Edge said in a regulatory filing.

As part of the initial transaction, Info Edge (India) Ltd has agreed to acquire 2 crore equity shares of SISL at a face value of Rs 10 each, aggregating to about Rs 20 crore.

The remaining balance of about Rs 80 crore will be infused in one or more tranches over the next year based on the subsidiary’s funding requirements.

For SIHL, the company will acquire 83,94,895 equity shares of face value Rs 10 each at a premium of Rs 19.78 per share, amounting to an initial consideration of about Rs 25 crore. The remaining amount of about Rs 75 crore will be infused in tranches within one year from the date of approval.

Investments are all-cash transactions carried out at arm’s length, the company stated.

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