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IndiaMART InterMESH gains on successfully raising funds via QIP

·2-min read

The fund raise committee of the company's board approved allotment of 12,42,212 equity shares to eligible qualified institutional buyers at the issue price of Rs 8,615 per equity share. The QIP issue opened on 17 February 2021 and closed on 22 February 2021.

Allottees who were issued more than 5% of the total equity shares offered in the qualified institutions placement (QIP) are Arisaig Asia Consumer Fund (22.463%), Platinum Asia Fund (11.060%), Driehaus Emerging Markets Growth Fund (9.105%) and Kotak Funds - India Midcap Fund (8.196%).

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands increased from Rs 29,12,15,160 divided into 2,91,21,516 equity shares to Rs 30,36,37,280 divided into 3,03,63,728 equity shares.

IndiaMART proposes to utilize the net proceeds for its future growth and expansion. The net proceeds may be utilized for augmenting long term cash resources, funding the organic or inorganic growth opportunities in the area of the Company's operations and adjacencies, making investments in companies including in subsidiaries, joint ventures, associates or otherwise (either through debt or equity or any convertible securities), growing existing businesses or entering into new businesses in line with the strategy of the Company or for any other general purposes as may be permissible under the applicable law and approved by the board.

IndiaMART is India's largest online B2B marketplace for business products and services. The company makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions.

The company reported 29.35% rise in consolidated net profit to Rs 80.20 crore on 9.2% rise in total income to Rs 198.20 crore in Q3 December 2020 over Q3 December 2019.

Source: Capitalmarket.com