Info Edge group buys additional stake in Meritnation for Rs 379.30 millions


As per the company’s filing on BSE made on November 2, 2017, the company has acquired additional stake in Applect Learning Systems Private Limited (“Meritnation”) including through its wholly-owned subsidiary for a cash consideration of Rs 379.30 millions.

The target company Applect owns and operates a website named ‘www.meritnation.com’ which is into development and online delivery of study content and assessment modules for school students, online and offline test preparation modules including those for various undergraduate entrance examinations including for engineering and medical.

Info Edge has acquired stake in Meritnation by participating into its fund raising for the purpose of its operations and repayment of existing debt. Out of Rs 37.93 crore, about Rs 32.19 crore is proposed to be used for repayment of existing debt by Meritnation to the company.
The aggregate shareholding of the company, post additional investment, in Meritnation would be 65.67%.

The Stock is currently trading at a price of Rs 1215, down by 1.29% or Rs 16 on NSE at 10.41 am.





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