Stocks

Info Edge shares jump 7% as board approves up to ₹1,875 crore-QIP issue

PTI New Delhi | Updated on June 23, 2020 Published on June 23, 2020

Shares of Info Edge (India) on Tuesday surged 7 per cent after the company’s board of directors approved fund raising of up to ₹1,875 crore.

On BSE, the scrip jumped 6.80 per cent to ₹2,959.20 and, it rose by 6.96 per cent to ₹2,962.20 on NSE.

The company’s board of directors has approved fund raising of up to ₹1,875 crore through issue of equity shares via qualified institutions placement (QIP).

“(The board approved) raising of funds through issue of equity shares of face value of ₹10 each of the company by way of QIP to eligible qualified institutional buyers for an aggregate amount not exceeding ₹1,875 crore... subject to the approval of the members of the company,” it said in a filing to the BSE.

Meanwhile, Info Edge (India) on Monday posted over 63 per cent decline in consolidated net profit at ₹119 crore for the quarter ended March 2020.

The company had registered a net profit of ₹325.2 crore in the year-ago period, it said in a filing to the BSE.

Its consolidated income from operations, however, increased 7.8 per cent to ₹327.5 crore in January-March quarter from ₹303.8 crore in the year-ago period.

Published on June 23, 2020
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