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Last Updated : Aug 05, 2020 07:18 AM IST | Source: Moneycontrol.com

Info Edge launches Rs 1,875 crore QIP to build COVID M&A war chest

With this launch , Info Edge becomes the fifth corporate to launch a QIP during the lockdown period, joining the likes of Kotak Mahindra Bank, JM Financial, PI Industries and Axis Bank.

 
 
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Leading consumer internet company Info Edge, which backs the likes of Naukri.com, 99acres.com and Zomato, on August 4 launched a qualified institutional placement (QIP) to raise around Rs 1,875 crores, people familiar with the matter told Moneycontrol.

"The entire outer limit of Rs 1,875 crore cleared by the board will be raised as part of the deal. The QIP has been priced at a implied discount of around 5.2 percent to the share's closing price today of Rs 3,186.10 ( as on NSE)," said one of the people cited above. Another individual confirmed the same.

Moneycontrol was the first to report on July 10 that the Info Edge QIP was likely to be launched in August after shareholders' approval and that the firm had finalised four merchant bankers for the fundraise, namely Goldman Sachs, Credit Suisse, JP Morgan and IIFL Capital.

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Both the individuals cited above spoke to Moneycontrol on the condition of anonymity.

Moneycontrol could not immediately contact Info Edge, Goldman Sachs, JP Morgan and IIFL Capital for an official comment.

With this launch , Info Edge becomes the fifth corporate to launch a QIP during the lockdown period, joining the likes of Kotak Mahindra Bank, JM Financial, PI Industries and Axis Bank.

On June 23, 2020, the board of Info Edge approved raising up to Rs 1,875 crore via a QIP . The firm, the first Indian dotcom to list on domestic bourses in 2006, is on the prowl for strategic acquisitions in the aftermath of COVID-19.

"This capital raising plan is not for the existing business. The management wants to create an opportunistic war chest as it expects inorganic opportunities in the next six to nine months, especially in its key business verticals," sources had earlier told Moneycontrol.

Info Edge operates in four categories — jobs/recruitment, real estate, matrimony and education — and also backs other portals such as Jeevansathi.com, Shiksha.com and Policybazaar.com
First Published on Aug 4, 2020 09:24 pm
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