Info Edge India Limited in its filing to the Exchanges (NSE & BSE) agreed to acquire 15.5 percent stake in Shop kirana E Trading Private Ltd. The company has entered into an agreement to invest through its wholly-owned subsidiary Shop kirana, about Rs 13.40 crore.
Shopkirana E-Trading is engaged in the business of developing a B2B e-commerce platform for ordering, delivery, payments and related products and services among various stakeholders in grocery/Fast Moving Consumer Goods supply chain.
As part of company’s strategic investments, the acquisition would help the Company to diversify its presence into the new line of business within the Internet Services Industry, it said.
This development seems to inspire investors as the stock of Info Edge India shares keep on gain on Thursday. At 1.23 pm, the stock Info Edge India was quoting at Rs 1,590.90, up Rs 11.60, or 0.73 percent on the NSE. Meantime key benchmark Sensex and Nifty continue fall at 35,591 and 10,688 levels respectively, down by over 0.82 percent each in trade.