Info Edge India stock jumps 6% after Zomato signs agreement for $210 mn fund from Alibaba
Upon the closing of this fund raise, Info Edge India said its shareholding in Zomato stands reduced to about 27.68 percent on fully converted & diluted basis.
October 15, 2018 / 10:36 AM IST
Q1. It was originally started in 1940 and ran successfully till it was closed for a few years during the Indo-China War. Chen re-opened it, joining hands with a partner Tham Mouyiu, in 1968, and is actively involved in the day-to-day operations of running the restaurant. The restaurant runs solely on word-of-mouth publicity of its loyal patrons which include Bollywood royalty from Shashi Kapoor to Rekha and Kajol , to the who is who of politics including VK Krishna Menon. One of the most unusual gues was Deng Pufang the paraplegic first son of the Chinese premier Deng Xiaoping. Identify this legendary Mumbai establishment which recently shut shop. (Representative image)
Info Edge India share price rallied 6 percent intraday Monday after Zomato signed agreement for fund raising from Alibaba.
Global brokerage house Morgan Stanley has Overweight call on the stock with a target price of Rs 1,900 (implying 28 percent potential upside), saying Alibaba's stake in Zomato is expected to go up to over 27 percent after this investment.
"Zomato has signed a definitive agreement to undertake a primary fund raise of approximately $210 million from Alipay Singapore Holding Pte Ltd (which is an existing shareholder of Zomato) and/or any of its affiliates," Info Edge said in its filing.
Upon the closing of this fund raise, the internet company said its shareholding in Zomato stands reduced to about 27.68 percent on fully converted & diluted basis.
The internet company owned about 30.91 percent of the share capital of Zomato Media Private Limited (Zomato) on fully converted & diluted basis as of March 2018.
Info Edge owns Naukri.com, Jeevansathi.com and 99acres.com while Zomato provides restaurant search and discovery service.
At 10:10 hours IST, the stock price was quoting at Rs 1,533.50, up Rs 47.65, or 3.21 percent on the BSE.