Affle India on Thursday said its board has approved the issuance of preferential shares to Gamnat Pte. Ltd, a step-down subsidiary of the Minister for Finance, Government of Singapore. “The company will issue 69 lakh equity shares amounting to nearly 5 per cent stake on a preferential basis at Rs 1,085.54 apiece to the Singapore-based entity. The floor price of the share issuance sits at a near 6 per cent premium to the stock’s closing price on October 25,’ the company said in a regulatory filing.
The total deal value from the preferential share issue is around Rs 749.02 crore. The company, however, did not comment on the details of how it plans to use the proceeds from the preferential share issue.
Affle India provides mobile advertisement services through information technology and software development services for mobiles. The consumer intelligence-driven firm transforms advertisements into recommendations helping marketers connect with their target audience.
