VCCircle

The board of Info Edge India Ltd, the company that owns jobs portal Naukri.com, has decided to raise up to Rs 500 crore using routes like Qualified Institutional Placements (QIPs), Global Depository Reciepts, FCCB and ADR, the company has informed stock exchanges. The board, which met on December 21, also decided to increase Foreign Institutional Investment (FII) limit upto 40 per cent of the paid-up capital under portfolio investment scheme from the current 24 per cent.
It's not clear what the capital is being raised for. When contacted by VC Circle, Sanjeev Bikhchandani, Managing Director of Info Edge, refused to share details. "We are yet to decide the quantum and the type of instrument. We have a 12-month time frame to raise the capital," he said. Bikhchandani also denied a press report which indicated that the money is being raised to invest in its education portal business.
The board has also decided to raise the borrowing limits upto an aggregate amount of Rs 500 crore. It also approved a proposal to the investment limit by Rs 300 crores over and above the statutory limit.