Infibeam set to demerge its businesses, announces share swap ratio for shareholders

MUMBAI: BSE-listed global financial technology solutions provider Infibeam is demerging its businesses to pursue independent growth strategies.

The company said that the composite scheme of arrangement will assist Infibeam Avenues to unlock value for its shareholders. The company had first announced its demerger plans few months ago and has now got an approval from NCLT.

The company would demerge its SME e-commerce and marketplace businesses to Suvidhaa and Themepark; event software business to DRC.

Under the scheme, all Infibeam Avenues Limited shareholders as on the record date will be allocated additional shares of Suvidhaa Infoserve Ltd and DRC Systems India Ltd without any additional cost under this scheme of arrangement in a swap ratio. Suvidhaa will issue 197 equity shares for every 1,500 equity shares to shareholders of Infibeam Avenues Limited. DRC will issue 1 equity share for every 412 equity shares to the shareholders of Infibeam Avenues Limited, the company said.

Last year, the board of directors of the company on the recommendation of the audit committee had considered and approved the composite scheme of arrangement and received observatory consent and approval from the stock exchange in July 2020 for filing with the NCLT.

The company’s payment solution provides more than 200 payment options to the merchants allowing them to accept payments through website and mobile devices in 27 international currencies. Infibeam Avenues’ enterprise software platform hosts India’s largest online marketplace for government procurement, the company said in a statement. The company processed transactions worth Rs 90,000 crore for its 1 million and clients across digital payments and enterprise software platforms in FY20.

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