InfoEdge Shares Spurt Over 7% Hit 52-Week High On QIP Launch

Shares of Info Edge advanced over 7 per cent in intra trade on Wednesday (August 5, 2020) after the parent company of Naukri.com launched a QIP to join other companies in their capital raising spree amid the lockdown. Shares hit a 52-week high of Rs. 3420 per share on the NSE, while on the BSE it hit a high of Rs. 3419.15 per share.

InfoEdge Shares Spurt Over 7% Hit 52-Week High On QIP Launch

In an exchange filing, the company informed that the Board of Directors of the Company at its meeting, approved and authorised the opening of the QIP on August 4, 2020. The floor price of the QIP has been fixed at Rs 3,177.18 per equity share.

The company runs online classifieds Naukri.com, JeevanSaathi.com, Shiksha and 99acres.com.

As per a Moneycontrol report the record fund raising is to boost the company's balance sheet for buliding a warchest of M&A amid the pandemic situation.

"This capital raising plan is not for the existing business. The management wants to create an opportunistic war chest as it expects inorganic opportunities in the next six to nine months, especially in its key business verticals," sources told Moneycontrol.

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