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Last Updated : Oct 15, 2018 10:36 AM IST | Source: Moneycontrol.com

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.

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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.

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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.

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First Published on Oct 15, 2018 10:36 am
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