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The Board of Info Edge (India) has approved entering into agreement to invest about Rs.80 crore, in Metis Eduventures (Adda247) as primary acquisition of shares.
Adda247 is engaged in the business of delivering educational services and assistance to students preparing for examinations through software technology platforms (both web and mobile application) and is additionally engaged in delivering educational services through offline
classroom based methodology.
Since Adda247 is an Associate company of the Company, it is a Related Party transaction.
The Company has agreed to acquire 14,088 Series B -Compulsorily Convertible Preference Shares having face value of Rs. 5/- each as primary acquisition of shares. The aggregate shareholding of the Company, post this investment, in the said entity would be 23.01% on a fully converted & diluted basis.
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