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Stock Report
Infibeam Avenues Limited receives NCLT approval for Composite Scheme of Arrangement
Posted On : 2020-11-28 19:59:42( TIMEZONE : IST )
Leading global Financial Technology (FinTech) solutions provider Infibeam Avenues Limited ("Infibeam Avenues" or "The Company" or "IAL") (BSE: 539807; NSE: INFIBEAM), announced, that it has received approval from Hon'ble National Company Law Tribunal (NCLT) for 'Composite Scheme of Arrangement' amongst Infibeam Avenues Limited, Suvidhaa Infoserve Limited ( "Suvidhaa"), DRC Systems India Limited ("DRC") and NSI Infinium Global Limited ("NSI") and their respective shareholders and creditors. Under the Scheme, Infibeam Avenues to demerge its SME E-commerce and Marketplace businesses to Suvidhaa and Themepark & Event Software business to DRC. The Composite Scheme of Arrangement is effective from the Appointed Date i.e. 1st April, 2020. The record has been set as 11th December, 2020.
The Composite Scheme of Arrangement will assist Infibeam Avenues to unlock value for its shareholders. Subject to regulatory approvals, Suvidhaa and DRC to get listed on the stock exchanges i.e. BSE and NSE. IAL will continue to focus on the high growth, highly scalable and profitable fintech business of Digital Payments and Enterprise Software Platforms.
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 the following swap ratio -
- Suvidhaa will issue 197 equity shares for every 1500 equity shares to the shareholders of Infibeam Avenues Limited.
- DRC will issue 1 equity share for every 412 equity shares to the shareholders of Infibeam Avenues Limited.
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.
Shares of Infibeam Avenues Ltd was last trading in BSE at Rs.79.25 as compared to the previous close of Rs. 78.7. The total number of shares traded during the day was 75322 in over 622 trades.
The stock hit an intraday high of Rs. 82.5 and intraday low of 77.2. The net turnover during the day was Rs. 5974157.
