MapMyIndia's parent company, C. E. Info Systems, experienced a 3% decline in its shares after announcing plans to separate its B2C business into a separate entity.
The company's focus will now be on its core B2B and B2B2C operations, with current CEO Rohan Verma leading the new venture.
As part of this transition, MapMyIndia will invest Rs 10 lakh for a 10% stake in the new company and an additional Rs 35 crore through Compulsorily Convertible Debentures.
C. E. Info Systems shares were trading at Rs 1,698.75 as of noon, reflecting a 3.06% decrease on the NSE.
JM Financial has set a target price of Rs 2,810 per share for MapMyIndia, suggesting a potential upside of around 60%.
Rohan Verma will step down as CEO on March 31, 2025, but will continue to serve on the board as a Non-Executive Director.