The Board of Info Edge (India) at its meeting held on 18 July 2025 has agreed to enter into an agreement to transfer entire shareholding of the Company held through Startup Investments (Holding) (SIHL), a wholly owned subsidiary, in its Associate Company, namely Shopkirana (i.e. 60,673 shares aggregating to 26.14 % on fully converted and diluted basis) to HEPL, a subsidiary of Trustroot Internet (TIPL) -Udaan, a company registered under the laws of Singapore.
In consideration HEPL shall issue and allot to SIHL 1,68,70,568 shares of HEPL aggregating to about 0.91% on fully converted and diluted basis, together with all benefits and economic rights of such HEPL shares as issued to SIHL being linked to 73,561 reference shares representing the notional reference shareholding of SIHL at TIPL level (valued at USD 314.3863 per TIPL share aggregating to about USD 23.13 Million), as mentioned in the definitive agreements.
Such transfer is subject to completion of various conditions precedent as mentioned in the agreements.
Pursuant to the execution of the definitive agreements for the above transaction and from the date of closing of the transaction, Shopkirana will cease to be an Associate Company of SIHL, and SIHL will hold about 0.91% stake in HEPL on fully converted and diluted basis (with notional reference shareholding of SIHL at TIPL level to about 1.48%).
The aforesaid transfer of shares held in Shopkirana to HEPL will be undertaken in accordance with the terms of definitive agreements (including completion of various conditions precedent).