Online classifieds major Info Edge on August 13 announced an investment of Rs 300 crore into its wholly-owned subsidiary Startup Investments (Holding) Ltd (SIHL).
"The company has agreed to acquire 30,000,000-0.0001% compulsorily convertible debentures (CCDs) having face value of Rs 100 each, convertible within a period not exceeding 10 years, at any time from the date of allotment on agreed terms and conditions," Info Edge said in a regulatory filing.
The Rs 300-crore investment will be in the form of "cash consideration", the Naukri parent added, noting that the investment is expected to be completed "immediately".
The company already holds 100 percent stake in SIHL on a fully converted and diluted basis, it further said.
SIHL was, notably, incorporated on March 4, 2015, and is engaged in the business of being a holding and investment company. Over the last three financial years, it has reported a nil turnover.
According to Info Edge, the fresh investment would help SIHL to "explore investment opportunities including contribution to AIF(s) managed by Smartweb Internet Services Ltd."The announcement came a day after Info Edge reported a 66 percent on-year jump in its consolidated revenue to Rs 547 crore in Q1 FY23, whereas, profit in the same period climbed to Rs 292 crore, marking a surge of 85 percent as compared to the year-ago period.