Infibeam Avenues to acquire UVIK Technologies Pvt Ltd

The Board of Directors in its meeting held on Jan 31, 2022, has considered, approved / recommended the acquisition of 100% shareholding of UVIK Technologies Private Limited ("UVIK") from its existing Shareholders. Consequent to acquisition of the entire share capital, UV!K wiil become the Wholly Owned Subsidiary of Infibeam Avenues Limited. The completion of the acquisition is subject to customary conditions such as receipt of all regulatory and other approvals, if any.

The Target Company is engaged in the business of Mobile point of Sale (mPOS), Near Field Communication(NFC) and contact less card technology business in the area of online payments and non-cash transactions. They specialise in no hardware contactless softPOS technology that runs on low end android mobile devices. They are a technology leader-in tlle FinTech Certified for PIN on Glass entry which can transform smartphones into a professional secured and certified PoS' capable of securely accepting contactless card and mobile payments with PIN entry for above CVM limit transactions. They are the first Tap on Phone with PIN solution validated in India for multiple card schemes using proprietary technology.

With this association, we look forward to seamlessly integrating our existing online payment solution along with the offline capabilities of the target company to empower merchants and their customers, across various geographies, with a simple and complete digital payment solution platform.

The aggregate cost of acquisition will not be exceeding Rs. 75.00 Cr. The cash consideration will be Rs. 12.00 Crores and Rs. 27.50 Crores will be by way of Preferential Issue of 61,11,111 Equity Shares of Re. 1/- each issued at a price of Rs. 45/- (Including premium of Rs. 44 /-) per Equity Share. The balance amount will be by way of reward incentive mechanism, as mutuall agreed.

Shares of Infibeam Avenues Limited was last trading in BSE at Rs. 44.15 as compared to the previous close of Rs. 46.45. The total number of shares traded during the day was 2449841 in over 4378 trades.

The stock hit an intraday high of Rs. 48.15 and intraday low of 43.30. The net turnover during the day was Rs. 113322630.00.

Source : Equity Bulls

Keywords

InfibeamAvenues INE483S01020 Acquisition UVIKTechnologies