Info Edge plans to invest Rs 37 crore in Sunrise Mentors
India’s premier online classified company in recruitment, Info Edge (India) Ltd has entered into an agreement to invest Rs 37.10 crore (for a cash consideration) in Sunrise Mentors Private Limited, a non-government company engaged in higher education.
The education forum, Sunrise Mentors, also operates an e-learning platform called-Coding Ninjas, which charges student for courses after successfully placing them.
In a regulatory filing, the company on February 10, 2020 said after the market hours that Info Edge would be investing in the company through the purchase of primary and secondary shares in Sunrise Mentors.
Nevertheless, the investment would help the company in expanding its presence in online education, especially in upskilling and reskilling training, which is usually availed by jobseekers for upgrading themselves. Besides, post this investment, the aggregate shareholding of Info Edge would be 25 per cent in Coding Ninjas, on a fully-converted and diluted basis.
At 1.08 pm on Tuesday, the stock of Info Edge is trading at Rs 2,976.30, down by 1.17 per cent against its previous close of Rs 3,011.60 on BSE.