Domestic e-commerce company IndiaMART InterMESH has entered into an agreement to acquire 26 per cent of the share capital (on fully diluted basis) of IB MonotaRO Private Limited (IMPL), it said in a regulatory filing on Wednesday.
IMPL, under its brand name 'Industry Buying', is engaged in the e-commerce business for industrial and business supplies in India. The total turnover of IMPL for the financial year ended March 31, 2021 was Rs 7.2 crore.
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The investment "is in line with the company's strategic initiative of transitioning towards commerce enablement," IndiaMART said in its filing.
The company intends to invest up to Rs 104.2 crore approx. in IMPL by acquiring 8,11,250 equity shares at a price of Rs 1,284.15 per equity share from an existing shareholder through secondary purchase. The final aggregate shareholding of the company, post this acquisition, in IMPL, would be 26 per cent on a fully diluted basis.
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IndiaMART is India's largest online B2B marketplace engaged in the e-commerce business for industrial and business supplies in the country.
The company reported a 12.4 per cent fall in its consolidated net profit to Rs 70.2 crore in the December 2021 quarter. It had posted a net profit of Rs 80.2 crore in the corresponding period of the last fiscal.