Infibeam Avenues rises 10% as NCLT approve demerger proposal
In a filing to BSE, the company said that the composite scheme of arrangement will assist Infibeam Avenues to unlock value for its shareholders.
By ETMarkets.com |
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NEW DELHI: Shares of Infibeam Avenues climbed 10 per cent in Tuesday's trade after the company received approval from the National Company Law Tribunal for demerger of its various entities, including SME e-commerce service and e-commerce business undertaking.
Under the composite scheme of arrangement, Infibeam had sought to demerge its SME E-commerce as well as the E-commerce marketplace businesses to Suvidhaa, while theme park and event business will be demerged and vested to DRC Systems.
Following the development, the stock 9.77 per cent hit a high of Rs 87.
In a filing to BSE, the company said that 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," the company informed BSE.
Under the scheme, all Infibeam shareholders, on the record date of December 11, will be allocated additional shares of Suvidhaa Infoserve Ltd and DRC Systems India without any additional cost, Infibeam said in a statement on Saturday.
Suvidhaa will issue 197 equity shares for every 1,500 equity shares to the shareholders of IAL, while DRC will issue 1 equity share for every 412 equity shares to IAL shareholders, it added.
The composite scheme of arrangement is effective from the appointed date i.e. April 1, 2020, and the record date has been set as December 11, 2020, the statement said.
Suvidhaa provides last mile financial services to more than 40 million customers through both offline and online delivery channels.
"It will leverage its existing offline capabilities to scale the product business of Infibeam Avenues and focus on niche product verticals with margins. Infibeam will leverage the physical retail location of Suvidhaa to offer last mile logistics across the country," the company said.
Under the composite scheme of arrangement, Infibeam had sought to demerge its SME E-commerce as well as the E-commerce marketplace businesses to Suvidhaa, while theme park and event business will be demerged and vested to DRC Systems.
Following the development, the stock 9.77 per cent hit a high of Rs 87.
In a filing to BSE, the company said that 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," the company informed BSE.
Under the scheme, all Infibeam shareholders, on the record date of December 11, will be allocated additional shares of Suvidhaa Infoserve Ltd and DRC Systems India without any additional cost, Infibeam said in a statement on Saturday.
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Suvidhaa will issue 197 equity shares for every 1,500 equity shares to the shareholders of IAL, while DRC will issue 1 equity share for every 412 equity shares to IAL shareholders, it added.
The composite scheme of arrangement is effective from the appointed date i.e. April 1, 2020, and the record date has been set as December 11, 2020, the statement said.
Suvidhaa provides last mile financial services to more than 40 million customers through both offline and online delivery channels.
"It will leverage its existing offline capabilities to scale the product business of Infibeam Avenues and focus on niche product verticals with margins. Infibeam will leverage the physical retail location of Suvidhaa to offer last mile logistics across the country," the company said.
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Shapoorji Pallonji Mistry is an angel investor and owns minority stake in Suvidhaa, as per the information in the statement.Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
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