The board of directors of Info Edge (India) approved raising of funds through issue of equity shares of face value of Rs 10 each of the company by way of Qualified Institutions Placement.
Info Edge (India) share price was up over 5 percent intraday on June 23.
The stock witnessing a 1.46x spurt in volumes. It was trading with volumes of 14,718 shares, compared to its five day average of 5,020 shares, an increase of 193.21 percent.
The company on June 22, 2020, posted over 63 percent decline in consolidated net profit at Rs 119 crore for the quarter ended March 2020. The company had registered a net profit of Rs 325.2 crore in the year-ago period, Info Edge (India) Ltd said in a filing to the BSE.
Its consolidated income from operations, however, increased 7.8 percent to Rs 327.5 crore in January-March 2020 quarter from Rs 303.8 crore in the year-ago period.
Commenting on the results, the company's CFO Chintan Thakkar said, "We continue to evaluate the unfolding situation of the pandemic. The billings were growing around 13 percent till mid of March in FY'20 Q4 and it took a hit in the last two weeks of the quarter."
The board of directors of Info Edge (India) at its meeting held on June 22, 2020 approved raising of funds through issue of equity shares of face value of Rs 10 each of the company by way of Qualified Institutions Placement (QIP) to eligible qualified institutional buyers for an aggregate amount not exceeding Rs 1,875 crore in accordance with Sebi regulations, the company said in a filing to the exchanges.
The stock has gained over 72 percent in the last 3 months and was quoting at Rs 2,921.80, up Rs 151.20, or 5.46 percent at 09:59 hours. It has touched an intraday high of Rs 2,950 and an intraday low of Rs 2,732.90.WEBINAR: Tune in to find out how term insurance can provide risk protection during tough times. Register Now!
