Deals · Updated 20 Oct, 02:14 pm IST
IndiQube to invest up to ₹35 Cr in SaiEdge Realty for minority stake
Why it matters for readers: It explains why a coworking company would buy into a property developer — to secure office supply for its business.
- IndiQube’s board approved an investment of up to ₹35 crore for up to a 49% stake on a fully diluted basis.1
- The investment will be made in cash, in one or more tranches, through subscriptions to equity shares and/or convertible securities.1
- SaiEdge Realty was incorporated on July 28, has a paid-up share capital of ₹1 lakh and has not yet commenced operations or generated turnover.1
- IndiQube intends to lease the offices that SaiEdge develops, linking the investment to its workspace business.1
- The board appointed Ishwar Subramanian as an additional independent director for a five-year term and reconstituted the audit committee.1
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