MapMyIndia shares zoomed 18% in fag-end deals today; here’s why
CE Info Systems Ltd, the parent company of MapMyIndia, on Friday gained sharp momentum as the trading session approached closure. The stock soared 18.12 per cent to hit a day high of Rs 1,945. The spike came as the company’s Board reversed its decision to invest in the new business, set up by CMD Rakesh Verma’s son Rohan Verma.
“At its earlier meeting on November 29, 2024, the Board had taken the decision to invest Rs 10 lakh to acquire a 10 per cent stake at a face value of Rs 10 per share and further invest Rs 35 crore in the form of Compulsorily Convertible Debentures (CCD’s) in a proposed company to be formed by Rohan Verma. The Board made the above decision after due deliberation keeping in mind the best interest of the Company….
