Info Edge gains 10% after agreement with SoftBank for joint investment

The stock surged 10% to Rs 1,288 on the BSE after the company said it has signed an agreement with SoftBank to jointly invest $90 million in Etechaces, the parent of PolicyBazaar.

Shares of Info Edge (India) have surged 10% to Rs 1,288 per share on the BSE in intra-day trade after the company announced that it has signed an agreement with SoftBank to jointly invest $90 million in Etechaces Marketing and Consulting, the parent of PolicyBazaar, for an 8.93% stake on a fully diluted basis.

The investment will be routed through its subsidiary Diphda Internet Services floated earlier this month.

“The Company has entered into an agreement with SVF India Holdings (Cayman) ('Soft Bank'), a wholly owned subsidiary of SoftBank Vision Fund L.P., of which SoftBank Group Corp. is