Mumbai, Feb 23:
Online marketplace IndiaMART InterMESH on Wednesday said it has acquired 26 per cent stake in IB MonotaRO (IMPL) for Rs 104 crores as part of its strategy to expand its offerings in the maintenance repairs and overhaul (MRO) space.
“IndiaMART InterMESH has entered into an agreement to acquire 26 per cent of the share capital, on a fully diluted basis, of IB MonotaRO. This investment is in line with the company’s strategic initiative of transitioning towards commerce enablement,” the company said in a regulatory filing.
IMPL, under its brand name ‘Industry Buying’, is engaged in the e-commerce business for industrial and business supplies in India, offering utility products in maintenance, repairs and overhaul (MRO) categories like power tools, abrasives, electronics, robotics, hand tools and many more such products to its customers primarily for industrial purposes.
“IndiaMART intends to invest up to Rs 104.2 crores in IMPL by acquiring 8,11,250 equity shares at a price of Rs 1,284.15 per equity share from an existing shareholder via secondary purchase,” it said.
The acquisition is expected to be completed in 30 days, it added.
(UNI)
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