Naukri.com parent Info Edge launches $250-mn share sale | Mint
Active Stocks
Fri Feb 23 2024 15:58:13
  1. Tata Steel share price
  2. 145.50 -0.24%
  1. State Bank Of India share price
  2. 759.40 -0.86%
  1. HDFC Bank share price
  2. 1,420.90 0.08%
  1. NTPC share price
  2. 337.70 -0.54%
  1. ITC share price
  2. 411.60 -0.65%
Business News/ Companies / News/  Naukri.com parent Info Edge launches $250-mn share sale
BackBack

Naukri.com parent Info Edge launches $250-mn share sale

The company has set a floor price of ₹3,177.18 per share

Sanjeev Bikhchandani, founder of Info Edge (Mint)Premium
Sanjeev Bikhchandani, founder of Info Edge (Mint)

Mumbai: Info Edge (India) Ltd, the parent of popular jobs portal Naukri.com, on Tuesday evening said that its board had approved the launch of an institutional share sale to raise up to $250 million ( 1,875 crore), the company said in a stock exchange filing.

The company has set a floor price of 3,177.18 per share for the so-called qualified institutional placement offering (QIP). On Tuesday, Info Edge shares closed trading at 3,200.05 apiece, up 1.43% on the BSE.

“We propose to utilize the net proceeds to augment our long term cash resources, for meeting the fund requirements of our business activities and general corporate purposes as a part of our growth strategy," the company said in a prospectus filed with the stock exchanges.

Investment banks Credit Suisse, IIFL Securities and others are advising the company on the share sale.

Info Edge is the third company to launch a QIP to raise equity capital this month, in just the first two trading days of the month. Private sector lender Axis Bank launched its 10,000-crore QIP on Tuesday evening, while pharmaceutical firm Alembic Pharma Ltd launched its share sale on Monday.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 04 Aug 2020, 10:14 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App