Hitesh Oberoi, CEO and MD, Info Edge says the company keeps scouting the market for acquisitions all the time considering real estate – the online space – is such a hot sector. According to him, real estate will be a good sector for the medium term, even if it means clocking losses in the short term.
Providers of online classifieds in recruitment, matrimonial, real estate and education Info Edge has raised Rs 750 crore through the Qualified Institutional Placements or QIP route. It has sold 1.01 crore shares at Rs 740 per share, which is at a 3.5 percent discount to floor price of Rs 766.89 share.
Hitesh Oberoi, CEO and MD, Info Edge, says the company is raising funds to create a war chest for 99Acres, for acquisitions and for investing in existing companies.
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He says the company keeps scouting the market for acquisitions all the time considering real estate – the online space – is such a hot sector. According to him, real estate will be a good sector for the medium term, even if it means clocking losses in the short term.
"The market has only just begun to recover, with continued recovery Naukri will bounce back and see profits too," Oberoi said about Naukri.com.
He says when investors look at Info Edge, they don't see past performances but look for future potential in all the businesses it has invested into.
Below is the verbatim transcript of Hitesh Oberoi's interview with Latha Venkatsh & Sonia Shenoy on CNBC-TV18.
Sonia: Can you tell us what will these funds exactly be used for?
A: We are raising these funds to create a war chest for 99 acres, which is our real estate vertical. In addition to this of course, the funds could also be used for acquisitions for our existing ventures like in job space, in the real estate space, in the education space besides we could continue to invest in our investee company as well.
Latha: Have you got some company on your radar, since you are sounding fairly positive on it. Should we hear from you before 2014 is out or before the fiscal year is out?
A: We keep scouting the market for companies to invest and acquire. Last year we acquired two startups in the job space, of course these are very small acquisitions. We keep looking at the market, this is a very hot sector, the internet space in general; there is a lot of entrepreneurial activity. So from time to time we keep meeting companies who could be of interest to us. So we have nothing on the radar right now but we are always scouting.
Stay tuned for more...
Info Edge stock price
On September 15, 2014, at 11:10 hrs Info Edge India was quoting at Rs 888.25, up Rs 15.05, or 1.72 percent. The 52-week high of the share was Rs 976.00 and the 52-week low was Rs 296.50.
The company's trailing 12-month (TTM) EPS was at Rs 12.65 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 70.22. The latest book value of the company is Rs 69.48 per share. At current value, the price-to-book value of the company is 12.78.
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