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B2B e-commerce company Indiamart Intermesh on Friday said it plans to acquire 51 per cent stake in software-as-a-service firm Livekeeping for Rs 45.98 crore in an all-cash deal.
The acquisition is in line with Indiamart's long-term objective of offering various software as a service based solutions for businesses, it said.
"The company intends to invest up to Rs 45.98 crore approximately in Livekeeping," Indiamart said in a regulatory filing.
As per the agreement, Indiamart will subscribe to Livekeeping's 6,843 seed CCPS (Compulsorily Convertible Preference Shares) of the face value of Rs 10 each at a premium of Rs 51,138 per share, aggregating to around Rs 35 crore.
Further, it will purchase 2,147 equity shares of Livekeeping at the same price from one of the promoters, aggregating to approximately Rs 10.98 crore.
"The final aggregate shareholding of the company, post this investment, in LiveKeeping would be 51.09 per cent on a fully diluted basis," Indiamart said.
The transaction is expected to be completed in 60 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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First Published: Fri, March 25 2022. 17:16 IST