IndiaMART InterMESH Limited has completed the acquisition of unknown minority stake in Finlite Technologies Private Limited from one of the promoters of Finlite Technologies Private Limited.
May 22, 2022
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IndiaMART InterMESH Limited (NSEI:INDIAMART) entered into an agreement to acquire unknown minority stake in Finlite Technologies Private Limited from one of the promoters of Finlite Technologies Private Limited for approximately INR 110 million on March 25, 2022. As per the terms of the deal, IndiaMART InterMESH Limited will acquire 2,147 shares of Finlite Technologies Private Limited at a price of INR 51,138 per equity share. In a related deal, IndiaMART InterMESH Limited will subscribe 6,843 seed compulsorily convertible preference shares of Finlite Technologies at a premium of INR 51,138. Post-completion, IndiaMART InterMESH Limited will own 51.01% stake in Finlite Technologies Private Limited on a fully diluted basis. Finlite Technologies Private Limited had total turnover of INR 20.5 million and profit after tax of INR 2.4 million for the financial year ended March 31, 2021. The deal is expected to complete in 60 days. Kunal Arora and Pooja Vijayvargiya of Lakshikumaran & Sridharan acted as Legal advisor and conducting legal due diligence, negotiations and finalization of transaction documentation.
IndiaMART InterMESH Limited (NSEI:INDIAMART) has completed the acquisition of unknown minority stake in Finlite Technologies Private Limited from one of the promoters of Finlite Technologies Private Limited on May 23, 2022. IndiaMART has committed to buy the remaining stake in the future.
IndiaMART InterMESH Limited is an India-based online business-to-business (B2B) marketplace, which connects buyers with suppliers. The channel is focused on providing a platform for small and medium enterprises (SMEs), large enterprises, as well as individuals. The Company operates through two segments: Web and related Services and Accounting Software Services. Web and related services segment provide business-to-business e-marketplace services, which acts as an interactive hub for domestic and international buyers and suppliers. The Accounting software services segment provides the business of development, system analysis, designing and marketing of integrated business accounting software to help and manage businesses with increased efficiency. The Company's solutions include IM Leader, IM Star, TrustSEAL, Maximiser, IndiaMART Paid Service (MDC), IndiaMART Verified Exporter, enterprise solutions and advertising solutions.
IndiaMART InterMESH Limited has completed the acquisition of unknown minority stake in Finlite Technologies Private Limited from one of the promoters of Finlite Technologies Private Limited.