Info Edge India has entered into an agreement for divestment of its entire shareholding, on fully converted and diluted basis, (including holding through its wholly-owned subsidiary) in Applect Learning Systems Private Ltd (Meritnation). Taking into consideration the independent valuation report, the sale value of the investment is determined at about ₹50 crore, it said.
Meritnation delivers KG to Class 12 (K-12) study material, through its web site. The shareholding has been agreed to be bought by Aakash Educational Services. The stock gained 1.3 per cent at ₹2,565.05 on the BSE.
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