Info Edge (India) announces Rs 4cr investment in NewInc Internet Services
Info Edge (India) Ltd, an Indian pure play technology company, said that its fully-owned subsidiary Allcheckdeals India has invested an amount of INR 4 crores in NewInc Internet Services.
Incorporated in late 2016, NewInc Internet Services is involved in the business of offering all kinds and types of internet, computer and electronics data processing services. It is yet to see any turnover though.
NewInc Internet Services, which is based in New Delhi, is a 100% owned subsidiary of Allcheckdeals India. The transaction comes under the category of a related party as of the date of making this investment.
Allcheckdeals India will acquire 4,00,000 – 0.0001% Compulsorily Convertible Debentures (CCDs) having a face value of INR 100 each.
According to Info Edge (India), the transaction is being executed at an arm’s length basis and is done to meet the working capital requirements of NewInc Internet Services.