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Tata Digital infuses in 1mg before acquisition
April 19, 2021
Even as Tata Digital is in the last stages to acquire a controlling stake in health-tech organization 1mg, the organization has infused debt money in the Gurugram-based endeavor. As per administrative filings, Tata Digital is getting ₹100 crore worth necessarily convertible debentures or CCDs in 1mg.
1mg has allotted 29,054 CCDs at a cost of ₹34,417.87 per debenture to raise the total. The Sequoia-supported firm has effectively got ₹25 crore while the excess ₹75 crore will be implanted at a later platform.
As indicated by Fintrackr, Tata Digital’s venture has valued the eight-year-old firm at ₹1,770 crore or $240 million.
This is the maiden investment of Tata Digital in 1mg. The CCDs will have a nominal interest rate of 0.00001%. At the point when these CCDs are changed over according to the details of the understanding between the organizations into value shares, Tata Digital will control 5.66% stake on a completely diluted basis.
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