Info Edge share price gained 7 percent intraday on February 3 as IE Venture Fund I has entered into an agreement to invest about Rs 252 million equivalent to USD 3.5 million in Qyuki Digital Media Private Limited.
The fund will invest about Rs 180 million equivalent to USD 2.5 million for subscribing to compulsory convertible preference shares having a face value of Rs 10 and about Rs 72 million equivalent to USD 1 million for subscribing compulsory convertible cumulative participating debentures having face value of Rs 1000 each.
The said investment would help IE Venture Fund I to support and grow Qyuki’s business in India.
IE Venture Fund I has agreed to acquire 916,356 CCPS of Qyuki. The aggregate shareholding of IE Venture Fund I, on a fully converted & diluted basis, pursuant to investment in such CCPS, would be 5.36%.
The conversion of aforesaid CCD is subject to certain terms & conditions including occurrence of some contingent events.
The actual shareholding of the company, on a fully converted & diluted basis, upon conversion of said CCDs will accordingly go up depending upon the agreed valuation for the next round of fund raise.
At 11:47 hrs Info Edge India was quoting at Rs 2,844.25, up Rs 172.80, or 6.47 percent on the BSE.
News Source:- moneycontrol