Infoedge allocates policybazaar shares to Temasek
In April this year, Temasek had bought around 9% stake from Intel Capital, some from InfoEdge and a small proportion of primary stake in the company
Mumbai: Infoedge (India) Ltd, an online classifieds firm, has transferred its entire shareholding in Etechaces Marketing and Consulting Pvt Ltd, the owner of financial services products website Policybazaar.com, to its wholly owned subsidiary MakeSense Technologies Ltd (MakeSense) for Rs101.30 crore.
The transaction has been concluded in two tranches. In the first tranche, Infoedge transferred 50% of its shareholding for Rs50 crore on 31 March and the second round of shareholding was transferred on 1 October for Rs51.30 crore.
Makesense has also entered into a definitive agreement with MacRitchie Investments Pte Ltd, an indirect wholly owned subsidiary of Singapore based investment firm Temasek Holdings Pte Ltd enabling the fund to acquire up to 49.99% stake in MakeSense for a total consideration of about Rs134.10 crore.
Off the above funds that MakeSense received as part of share sale to Temasek during March, it invested Rs31.10 crore in Policybazaar and utilized Rs101.30 crore to retire its payable to InfoEdge. Consequent to the aforesaid transaction Infoedge owns 50.01% of MakeSense and MakeSense will hold around 19.65% in Policybazaar.
“As part of the company’s series D round in April this year, Temasek had bought around 9% stake from Intel Capital, some from InfoEdge and a small proportion of primary stake in the company. This announcement of transfer of shares by InfoEdge completes that series D round, in which the company raised Rs300 crore from investors," said a person aware of the development, requesting anonymity as he is not authorized to speak to the media.
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