Info Edge set to invest around Rs 7 crore in MedCords

India’s premier online classifieds company for recruitment, Info Edge (India) Limited, announced that the company is investing Rs 7 crore in MedCords, an online healthcare platform.

In a BSE filing released on Friday after the market hours, the company informed that it has entered into an agreement to invest about Rs 7 crore, through its wholly-owned subsidiary in MedCords Healthcare Solutions Private Limited.

The company further said that it has agreed to acquire 2,869 Series A compulsory convertible preference shares, having a face value of Rs 100 each, at a premium of Rs 24,295.20 per share. Info Edge added that post this investment, the aggregate shareholding of the company in MedCords would be 16.89 per cent on a fully-converted and diluted basis.

Incorporated in September 2016, MedCords connect patients, doctors and pharmacies to facilitate tele-consultations for patients in tier 2 and tier 3 cities, which has a low access of quality doctors. The company also enables on-demand availability of users’ medical records.

At the time of market closing on Friday, the stock of Info Edge (India) Ltd was trading at Rs 1,943.05, down by 1.65 per cent against its previous close of Rs 1,975.65. Its 52-week high is Rs 3,125.00 while, its 52-week low is Rs 1,759.10 on BSE.