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Australian Firm To Acquire Stake In Indian Online Portal

Monday, Australian Firm, IPGA, through its wholly owned subsidiary, iProperty Group Asia Pte Ltd, entered into an agreement to acquire controlling stake in Horizon Infoventures, owner of Indian Online Property Portal, RealAcres.com, reported the media.

The Online portal based in Mumbai has over 2.11 lakh property listings on its websites and about 1-lakh unique visitors each month. The company focuses on the western Indian market, though maintains property portals for major cities across the country, the report said.

IPGA would own 60% of the shares in the business, with an option to acquire the balance of 40% based on future earnings. On completion of the initial stage of the transaction, IPGA would invest about A$0.53 million in working capital in four equal tranches into the business in return for 43% of the shares in the company. Subsequently, IPGA would swap shares for a further 17%, with the price based on performance resulting in IPGA owing 60% of the shares in the company, added the report.

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