MapmyIndia board gives nod to raise funds up to ₹500 crore via QIP route

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₹500 crore via qualified institutional placement (QIP) route, a regulatory filing stated. The board inter-alia approved the “raising of funds by way of issuance of such number of equity shares having face value of ₹2/- each of the company, for an aggregate amount not exceeding ₹500 crore or an equivalent amount thereof by way of qualified institutional placement in accordance with the applicable laws", CE Info Systems Ltd, the owner of MapmyIndia, informed the exchanges. The fund raise would be subject to the receipt of necessary approvals from the company's shareholders, and regulatory and statutory bodies, it added.

Also Read: A desi company is plotting a challenge to Google Maps The announcement from MapmyIndia came on a day when the stock markets are closed due to 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 as against the previous day's close. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! In the quarter ended September 2023, MapmyIndia reported a net profit of ₹33 crore, which was 30 percent higher as against ₹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 as compared to ₹76.3 crore in the same quarter of the previous fiscal. MapmyIndia, founded in 1995, is seen as a domestic competitor of Google Maps. It made its market debut in December 2021, following a successful initial public offering (IPO) that was subscribed 155 times.