Shares of Data Edge (India) Ltd fell 2.25% after touching a day’s excessive of Rs 1,366.20 on 4th November. This occurred despite the fact that the corporate introduced on Monday (third November) that its board had accredited an funding of about Rs 100 crore in its wholly owned subsidiary, Redstart Labs.
The funding will probably be made by way of the acquisition of 10 crore fairness shares at a face worth of Rs 10 every. The corporate mentioned this in a regulatory submitting.
Redstart, which posted a revenue after tax (PAT) of Rs 1.36 crore and a web value of Rs 16.18 crore, is already a totally owned subsidiary of Data Edge.
Data Edge is understood for backing main Indian tech names like Zomato and Policybazaar. The corporate arrange Redstart Labs in 2020 to determine funding alternatives in new-age tech startups targeted on rising science and know-how.
At 12:24 PM, shares of Data Edge had been buying and selling 2.29% decrease at Rs 1,328.40 on NSE.
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