New Delhi, Nov 2 (PTI) Sterlite Technologies Limited (STL) on Tuesday said it has divested its minority stake in Metis Eduventures for about Rs 45 crore.

"...Sterlite Technologies Limited (STL) has agreed to sell its minority stake in Metis Eduventures Pvt Ltd...As it was a minority investment, there is no contribution to turnover or revenue or income and net worth by Metis Eduventures Pvt Ltd during the last financial year," a regulatory filing said.

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The buyers are Westbridge AIF I, Konark Trust, MMPL Trust, AshaEdu Tech LLP, Info Edge (India) Ltd and Anil Nagar, it added.

The consideration received from such sale/ disposal was about Rs 45 crore, the filing said.

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In a separate filing, Info Edge (India) Ltd said it has entered into an agreement to invest about Rs 41.2 crore in Metis Eduventures (Adda 247) through a mix of primary and secondary acquisition of shares.

"As part of company's strategic investments, the acquisition would help the company to consolidate its presence into a new line of business within the Internet Services/Tech Industry," Info Edge said.

Metis Eduventures operates Adda247, an online government jobs preparation platform. It helps students prepare for several government jobs via its multiple platforms - bankersadda.com, sscadda.com, Adda247 mobile app, Adda247 Youtube channel, ctetadda.com and Career Power.

Its turnover was Rs 37.04 crore in FY21, as per the Info Edge filing.

"Pursuant to this agreement, the company will acquire 868 Compulsorily Convertible Preference Shares having face value of Rs 10 as Primary and 1,102 equity shares having face value of Rs 10 as a secondary mode of acquisition of shares," it added.

The aggregate shareholding of the company, post this investment, in Metis would be 24.49 per cent on a fully converted and diluted basis, it further stated.

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