Latest News | Info Edge Increases Stake in 4B Networks
Get latest articles and stories on Latest News at LatestLY. Info Edge (India) Ltd on Monday said it has invested an additional Rs 15 crore, through its wholly-owned subsidiary, in 4B Networks.
New Delhi, Oct 4 (PTI) Info Edge (India) Ltd on Monday said it has invested an additional Rs 15 crore, through its wholly-owned subsidiary, in 4B Networks.
This investment is in exercise of a right available to the company to subscribe 4,245 additional securities for an amount of up to Rs 15 crore, it said in a regulatory filing.
The company already holds 19.9 per cent stake in 4B on a fully diluted and converted basis. The holding has now increased to 37.03 per cent.
4B, which was incorporated in November last year, is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the Broker Network Platform. It helps brokers conduct site visits and provide home loan related services to their clients.
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"The company has agreed to acquire additional 4,245 Compulsory Convertible Preference Shares (CCPS) to increase its shareholding in 4B from 19.9 per cent to 37.03 per cent on a fully diluted and on a converted basis," the filing said.
It further said: "As part of company's strategic investments, the investment would help the company to strengthen its offering in the real estate segment by providing a new platform to real estate industry professionals to conduct their business efficiently."
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)