parent Info Edge launches $250-mn share sale | Mint
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Business News/ Companies / News/ parent Info Edge launches $250-mn share sale
BackBack 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, 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.

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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. "
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Published: 04 Aug 2020, 10:14 PM IST
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