Shares of Info Edge (India) Ltd. rise as Sensex climbs

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NFO EDGE (INDIA) LTD. has informed BSE that the Company Board of Directors’ meeting will, inter alia, consider and approve the Securities and Exchange Board of India Regulations, Regulation 29(1) 2015 as amended (the ‘Listing Regulations’). The meeting of the Fund Raise Committee of the Board of Directors of the Company is scheduled to be considered and approved the issue price, including a discount, to be held on 7th August 2020.

Infos Edge (India) Ltd, the parent of the popular Naukri.com job portal, said on Tuesday evening that their board had approved the launching of institutional sales to raise up to 250 million dollars (to 1,875 Crore), the company said at a stock exchange filing. On, Tuesday, shareholdings in Info Edge concluded the trading with Rs. 3,200.05 percent, up 1.43% on the BSE. For the so-called qualified institutional placement option (QIP), the company has set a floor price of €3,177.18 per share.

“We plan to use net proceeds to increase our cash resources over the long term, as part of our growth strategy in order to satisfy our business and corporate fund requirements,” said the company in its stock exchange prospectus.  

Investment banks Credit Suisse, IIFL Securities and other investment banks advise the enterprise on the sale of shareholdings.

This month, in just the first two trading days of the month, Info Edge is the third company to launch QIP for raising equity capital. On Tuesday evening, Axis Bank, the private lender sector, initiated a $10.000-crore QIP, while Alembic Pharma Ltd began selling its shares on Monday.

At 10:00 AM (IST) on Wednesday, Info Edge (India) Ltd. share stock traded on BSE at Rs. 3395.85 was 6.12 percent higher than the last close.

This scrip quoted Rs 1580.0, a 52-week low price, and Rs 3412.6 as high.

Earlier in the morning, the stock saw a gap open. A total of 11,640 lakh shares were changed by 10:00 AM (IST) on the counter. The market value of Rs 41731,45 crore is assigned to the stock of Info Edge (India) Ltd.

The stock was traded multi-plus (P / E) at -175.62, while the value ratio between prices and books was 18.97. According to exchange data, equity rates (ROE) were -10.82 percent.

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