The acquisition is in step with Indiamart’s long-term goal of providing numerous software program as a service primarily based options for companies, it mentioned.
B2B e-commerce firm Indiamart Intermesh on Friday mentioned it plans to amass 51 per cent stake in software-as-a-service agency Livekeeping for Rs 45.98 crore in an all-cash deal.
The acquisition is in step with Indiamart’s long-term goal of providing numerous software program as a service primarily based options for companies, it mentioned.
“The corporate intends to speculate as much as Rs 45.98 crore roughly in Livekeeping,” Indiamart mentioned in a regulatory submitting.
As per the settlement, Indiamart will subscribe to Livekeeping’s 6,843 seed CCPS (Compulsorily Convertible Choice Shares) of the face worth of Rs 10 every at a premium of Rs 51,138 per share, aggregating to round Rs 35 crore.
Additional, it can buy 2,147 fairness shares of Livekeeping on the similar worth from one of many promoters, aggregating to roughly Rs 10.98 crore.
“The ultimate combination shareholding of the corporate, publish this funding, in LiveKeeping could be 51.09 per cent on a totally diluted foundation,” Indiamart mentioned.
The transaction is anticipated to be accomplished in 60 days.
