Indiamart Intermesh Ltd has announced a significant corporate action with a bonus issue of 1 share for every 1 share held by existing shareholders. According to Reuters reports, the bonus shares should be credited within 3 days after the ex-date. This move is expected to enhance shareholder value and improve the stock's liquidity in the market. The announcement has generated positive market sentiment around the e-commerce platform company.
The company has shown robust financial performance in recent quarters. According to Reuters, September-quarter consolidated net profit rose to ₹69.4 crore compared to ₹68.4 crore in the previous year. Revenue from operations increased significantly to ₹295 crore from ₹241 crore year-on-year. Earlier, the June-quarter net profit surged to ₹95.3 crore from ₹48.9 crore, while revenue from operations grew to ₹268 crore from ₹213 crore, demonstrating strong operational momentum.
Indiamart has been actively expanding its investment portfolio across technology ventures. The company announced plans to invest up to ₹14.28 crore in Mobisy Technologies through share purchase and preference share subscription. Additionally, ₹10 crore investment in Truckhall and ₹5 crore investment in Edgewise Technologies via its unit were announced, as reported by Reuters. The company has also been working with pharmaceutical giant Novo Nordisk to combat illegal sales of weight-loss drugs on its platform, demonstrating its commitment to regulatory compliance.
In terms of leadership changes, the company approved the re-appointment of Dinesh Chandra Agarwal as Managing Director and CEO and appointed Jitin Diwan as Chief Financial Officer Designate, according to Reuters reports. The company's shareholding in IB Monotaro will be diluted from 26% to 24.21%, while its unit Tradezeal's shareholding in Procmart will be diluted from 19.5% to 13%. These strategic moves reflect the company's evolving investment strategy and portfolio optimization efforts.
