MapmyIndia board approves Rs 500 crore fundraise plan

The board of CE Info Systems Ltd, owner of MapmyIndia, on Monday gave its approval to the proposal for raising funds up to Rs 500 crore via qualified institutional placement (QIP) route.

The company, in a BSE filing, said, “The board has inter-alia approved raising of funds by way of issuance of such number of equity shares having face value of Rs 2/- each, for an aggregate amount not exceeding Rs 500 crore or an equivalent amount thereof by way of qualified institutional placement (QIP) in accordance with the applicable laws, subject to the receipt of the necessary approvals.”

MapmyIndia reported a net profit of Rs 33 crore in the September quarter (Q2 FY24), up 30 per cent as against Rs 25.4 crore reported in the year-ago period. The company’s revenue from operations jumped 19.4 per cent to Rs 91.1 crore as compared to Rs 76.3 crore in the corresponding period last year.

The stock settled 0.39 per cent higher at Rs 2,200.45 on Friday. Domestic benchmarks were closed today on account of Gurunanak Jayanti. The indices will resume action on Tuesday at usual business hours.

On BSE, a total of 4,447 shares changed hands during the previous session. The figure was lower than the two-week average volume of 18,000 shares. Turnover on the counter stood at Rs 98.18 lakh, commanding a market capitalisation (m-cap) of Rs 11,893.05 crore.

As of September 2023, promoters held 52.93 per cent stake in the company.

On technical setup, the counter traded lower than the 5-day simple moving average (SMA) but higher than the 10-day, 20-, 30-, 50-, 100-, 150- and 200-day SMAs. The scrip’s 14-day relative strength index (RSI) came at 60.76. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company’s stock has a negative price-to-equity (P/E) ratio of 95.26 against a price-to-book (P/B) value of 19.67.

The scrip has an analyst target price of Rs 2,051, Trendlyne data showed, suggesting a potential downside of 7 per cent in a year. PTI