Naukri.com Parent Info Edge Launches $250m Share Sale

The company has set a floor price of ₹3,177.18 per share for the so-called qualified institutional placement offering (QIP). On Tuesday, Info Edge shares closed trading at ₹3,200.05 apiece, up 1.43% on the BSE.

“We propose to utilize the net proceeds to augment our long term cash resources, for meeting the fund requirements of our business activities and general corporate purposes as a part of our growth strategy,” the company said in a prospectus filed with the stock exchanges.

Investment banks Credit Suisse, IIFL Securities and others are advising the company on the share sale.

Info Edge is the third company to launch a QIP to raise equity capital this month, in just the first two trading days of the month. Private sector lender Axis Bank launched its ₹10,000-crore QIP on Tuesday evening, while pharmaceutical firm Alembic Pharma Ltd launched its share sale on Monday.

The article was first published on livemint.com