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ValueFirst acquires majority stake in IndyaRocks.com

Mobile media company, ValueFirst has acquired a majority
stake in online social networking site IndyaRocks.com. In 2010, Hyderabad based
IndyaRocks had raised strategic investment from ValueFirst. This
comes in close to heels of ValueFirst, in May 2012, acquiring Hyderabad-based

Mobile media company, ValueFirst has acquired a majority
stake in online social networking site IndyaRocks.com. In 2010, Hyderabad based
IndyaRocks had raised strategic investment from ValueFirst. This
comes in close to heels of ValueFirst, in May 2012, acquiring Hyderabad-based
Way2Online Interactive India Private Limited, which owns and operates
Way2sms.com and 160by2.com – in an all cash deal.

According to MediaNama, the company’s filings with the
Registrar of companies suggest that ValueFirst will acquire 42,50,939 Equity
Shares of Indyarocks. ValueFirst had previously picked up 511,880 shares in
Indyarocks at Rs 39.18 (inclusive of the nominal amount of Re 1 per share) on
29th March 2010. At the same price, 4,250,939 shares would cost ValueFirst
around Rs 16.65 crore.

IndyaRocks has been a good performer in mobile
social networking space and has been using ValueFirst bulk sms service for the
service updates to users. IndyaRocks reported a total income of Rs 1.85 crore
in FY11, up from Rs 1.05 crore in FY10, while losses increased to Rs 3.32 crore
in FY11, up from Rs 2.74 crore in FY10.

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