Allcheckdeals India Pvt. Ltd. (“ACD”), a wholly owned subsidiary of Info Edge (India) Ltd, has invested Rs. 4 Crores in its wholly owned subsidiary-NewInc Internet Services Pvt. Ltd (“NewInc”), the Company’s step down wholly owned subsidiary. NewInc is in the business of providing various internet, computer, and electronic data processing services.
ACD has agreed to buy 4,00,000 – 0.0001% Compulsorily Convertible Debentures (“CCDs”) worth Rs. 100/- each. Following this investment, NewInc will continue to be the Company’s step-down wholly-owned subsidiary. The investment is being made to meet NewInc’s working capital requirements.