Shares of Info Edge (India) Ltd fell 2.25% after touching a day’s high of Rs 1,366.20 on 4th November. This occurred even though the company announced on Monday (3rd November) that its board had approved an investment of about Rs 100 crore in its wholly owned subsidiary, Redstart Labs. 

The investment will be made through the acquisition of 10 crore equity shares at a face value of Rs 10 each. The company said this in a regulatory filing.

Redstart, which posted a profit after tax (PAT) of Rs 1.36 crore and a net worth of Rs 16.18 crore, is already a fully owned subsidiary of Info Edge.

Info Edge is known for backing major Indian tech names like Zomato and Policybazaar. The company set up Redstart Labs in 2020 to identify investment opportunities in new-age tech startups focused on emerging science and technology.

At 12:24 PM, shares of Info Edge were trading 2.29% lower at Rs 1,328.40 on NSE.

Ready to invest like a pro? Unicorn Signals app equips you with 100+ Free tools and knowledge you need to succeed. Download the Unicorn Signals app and gain access to daily stock lists and insightful market analysis and much more!