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Stock Split News: Online classified and recruitment company Info Edge has given big information. The company's board said that in its meeting on February 5, it has approved the proposal for stock split. The company has given this information through exchange filing.
Under the stock split, every share of the company with a face value of Rs 10 will be split into 5 parts. This will make the face value of each new share Rs 2. The decision is aimed at increasing the liquidity of the company's shares and making them more accessible to retail investors.
Stock rises
After the announcement, Info Edge shares saw a gain of more than 2.5%. The company said that after shareholders and necessary regulatory approvals, the process is expected to be completed in about two months. After
the stock split, investors will have more shares, but the value of their total holding will remain unchanged. This move will reduce the price of shares, making it easier for retail investors to invest and increase the liquidity of shares in the market. Info Edge, which is the parent company of websites like Naukri.com, Jeevansathi.com, 99acres.com, and Shiksha.com. has taken this decision to make its shares more accessible. How were the results? Info Edge has reported a 64.6% year-on-year decline in its September quarter results. The company's net profit fell to Rs 84.73 crore, while revenue from operations grew 12% year-on-year to Rs 700.82 crore. According to the exchange filing, the board will also consider the December quarter results on February 5. During the September quarter earnings call, the management expressed confidence in growth opportunities across all its businesses, especially recruitment, which it said has started showing improvement. The company said that growth in the recruitment section of the business is expected to continue in the December quarter as well. Information given about the agreement After the market closed, INFO EDGE informed the exchange that it had signed an agreement with IE Venture Investment Fund III to invest up to Rs 1,000 crore.
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