B2B e-commerce Indiamart Intermesh will acquire 26 per cent stake in industrial e-commerce firm IB Monotaro for Rs 104.2 crore, the company said in a regulatory filing.
Pursuant to this transaction, Japan-based Monotaro will hold a 51.6 per cent stake in IB Monotaro while Emtex Engineering, representing the promoter group and early investors, will hold a 22.4 per cent stake in the company.
"IndiaMART, the largest B2B marketplace of India, has acquired 26 per cent (on a fully diluted basis) share capital of IB Monotaro Private Limited (IMPL). The company acquired 8.1 lakh shares from Emtex Engineering Private Limited for a total consideration of Rs 104.2 crore," Indiamart said in a separate statement.
IB Monotaro under its brand name 'Industry Buying' is engaged in the e-commerce business for industrial and business supplies in India Indiamart expects to close the transaction within 30 days.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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