General Atlantic in talks to acquire stakes in Just Dial, Info Edge: report
18 Jul 2014
Equity buy-out firm General Atlantic is in talks to buy a two- to five-per cent stake each in search service providers Just Dial Ltd and Info Edge India Ltd with a combined value of up to $150 million, reports quoting sources close to the discussions said.
Just Dial Ltd, whose board is slated to meet on 25 July, to consider holding of the company's annual general meeting and fix the time, date, place of the meeting and the businesses to be transacted thereat among other things, is also expected to decide on the stake sale to the buy-out firm.
Shares of Just Dial were trading at Rs1,577.20 apiece at noon today on the BSE, up 0.39 per cent from the previous close. Info Edge stock, however, was trading down 0.11 at Rs701.40.
At current market prices, a 2 to 5 per cent stake in Just Dial would be valued between $36.4 million and $90.9 million while a similar stake in Info Edge would cost around $25.4 million to $63.7 million.
The board of directors of Info Edge (India) Ltd is meeting today to, inter-alia, consider and approve the unaudited financial results of the company for the quarter ended 30 June 2014.
As such, the trading window for dealing in the securities of the company remains closed from 1 July to 21 July 2014 (20 July 2014 being Sunday) for all the directors and designated employees of the company.
The company has informed all concerned not to enter into any transaction involving the securities of the company during the aforesaid period of closure of trading window.
Speaking to CNBC-TV18, chief financial officer Ramkumar Krishnamachari said he expected the company to grow at 25-30 per cent this year.
