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.