MapmyIndia’s board of directors, in a meeting held on November 27, gave its nod to the proposal to raise funds up to ₹500 crore through qualified institutional placement (QIP) route, a regulatory filing stated.
The board, among other things, approved the “raising of funds by issuing such number of equity shares having a nominal value of ₹2/- each of the company, for a total amount not exceeding ₹500 crore or an equivalent amount thereof through a qualified institutional placement in accordance with the applicable laws,” CE Info Systems Ltd, the owner of MapmyIndia, informed the exchanges.
The fundraising would be subject to the receipt of necessary approvals from the company’s shareholders, and regulatory and statutory bodies, it added.
Also Read: Desi company plans challenge to Google Maps
MapmyIndia’s announcement came on a day when the stock markets are closed for a public holiday. In the last trading session on November 24, the company’s shares settled at ₹2,200.45 apiece on the BSE, higher by 0.39 percent against the previous day’s close.
Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay up to date with the latest financial information! Click here!
In the quarter ended September 2023, MapmyIndia reported a net profit of ₹33 crore, which was 30 percent higher in contrast ₹25.4 crore reported in the year-ago period. The company’s revenue from operations came in at ₹91.1 crore, higher by 19.4 percent compared to ₹76.3 crore in the same quarter of the previous fiscal.
MapmyIndia, founded in 1995, is seen as a homegrown competitor to Google Maps. It made its market debut in December 2021, after a successful initial public offering (IPO) that was subscribed 155 times. In a debut, the company’s market capitalization ended ₹8,000 crores.
Milestone Warning!Livemint tops charts as the fastest growing news site in the world 🌏 Click here to know more
Catch all Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates and Live Business News.
More or less
Updated: 27 Nov 2023, 14:50 IST
(tagsTo Translate)QIP