Meesho's shares rose by up to 4 percent on December 11, following a strong debut on the stock market the previous day. This increase came after the company announced a significant investment of Rs 2,890 crore through a rights issue.
The investment will be made in Meesho Technologies Private Limited (MTPL), a wholly-owned subsidiary of Meesho that operates an application-based marketplace. MTPL offers a wide range of products, including fashion, accessories, electronics, home and kitchen items, health and fitness equipment, and office supplies.
The investment was made through a rights issue of over 131 crore equity shares at an average price of Rs 22.05 apiece. Notably, there will be no change in the percentage of shareholding of the company in MTPL.
Meesho's shares made a strong debut on the stock market on December 10, listing with a premium of 46.4 percent over the IPO price. The shares rose to Rs 176.75 apiece in early trading hours on December 11, which is more than 59 percent higher than the IPO price of Rs 111 per share.
The company's market capitalization currently stands at around Rs 79,770 crore. This significant investment and strong market debut have positioned Meesho as a key player in the e-commerce and online marketplace industries.
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