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IndiaMART firms up on fund raising plan

Capital Market 

IndiaMART InterMESH gained 1.05% to Rs 8074.75 after the company said that its board will meet on 18 January 2020 to consider raising funds.

In a regulatory filing issued after market hours yesterday, IndiaMART said that its board on Monday, (18 January 2021) will consider raising funds by issuing equity shares or other securities convertible into or exchangeable into equity shares or non-convertible debt instruments along with warrants or any combination thereof by way of preferential allotment, issuance of american depository receipts (ADRs), global depository receipts (GDRs) or foreign currency convertible bonds (FCCBs), qualified institutional placements (QIPs) or through any other permissible mode or any combination thereof, subject to applicable laws and necessary shareholder/ regulatory approvals, as applicable.

On the same day, the board will also consider the audited financial results for the quarter and nine months ended 31 December 2020.

IndiaMART is India's largest online B2B marketplace for business products and services. The company connects buyers and sellers across product categories and geographies in the country through business enablement solutions.

The company reported a consolidated net profit of Rs 70 crore in Q2 September 2020, steeply higher than net profit of Rs 9 crore in Q2 September 2019.

In the past one year, the stock has zoomed 299.55% while the benchmark S&P BSE Sensex rose 18.17% during the same period.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, January 12 2021. 09:22 IST