Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Stock Report

| More

Infibeam Avenues Limited receives NCLT approval for Composite Scheme of Arrangement

Posted On: 2020-11-28 07:29:42 (Time Zone: Arizona, USA)

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.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

HDFC to sell 24.48% stake in Good Host for Rs. 232.81 crore

The Sandur Manganese & Iron Ores Limited commences Commercial Production of Phase I of 1 MTPA Iron and Steel Project

Aditya Birla Fashion and Retail Limited gets CCI nod for preferential issue to Flipkart

Sagar Cements Ltd board declares second interim dividend of Rs. 2

Strong Retail Demand: Indigo Paints IPO fully subscribed on Day 1

IndiGo transports over 2.1 Mn vaccine doses in 8 days across 16 locations

Agro Tech Foods Ltd Q3 FY2020-21 consolidated net profit at Rs. 8.14 crore

L&T Technology Services Ltd Q3FY21 consolidated net profit up QoQ to Rs. 186.1 crore

Confidence Petroleum India Ltd reports consolidated net profit of Rs. 20.35 crore in Q3FY21

Allsec Technologies Ltd posts Q3FY21 consolidated PAT of Rs. 8.87 crore

Sagar Cements Ltd Q3FY21 consolidated net profit at Rs. 49.67 crore

Bajaj Finserv Ltd posts Rs. 1289.96 crore consolidated PAT in Q3FY21

Oriental Aromatics Ltd Q3FY21 consolidated PAT up at Rs. 36.35 crore

Havells India Ltd board declares interim dividend of Rs. 3

Everest Industries Ltd Q3FY21 consolidated PAT slides QoQ to Rs. 5.38 crore

Tejas Networks Ltd Q3FY21 consolidated net profit at Rs. 9.23 crore

Havells India Ltd reports Rs. 350.14 crores consolidated PAT in Q3FY21

Indo Rama Synthetics India Ltd Q3FY21 consolidated net profit at Rs. 76.17 crore

Phillips Carbon Black Limited board declares interim dividend of Rs. 7

GMM Pfaudler Ltd Board approves 3rd interim dividend of Rs. 1

Laurus Labs Ltd completes acquisition of 72.55% in Richcore Lifesciences Pvt Ltd

Gulshan Polyols Ltd announces financial results for Q3FY21

HDFC Asset Management Company Ltd posts PAT of Rs. 369.26 crore in Q3FY21

VST Industries Ltd Q3FY21 PAT slips to Rs. 73.71 crore

Phillips Carbon Black Ltd posts Rs. 125.44 crores consolidated PAT in Q3 FY2020-21

GMM Pfaudler Ltd Q3FY21 consolidated PAT at Rs. 23.16 crore

Tanla partners with Microsoft to launch blockchain-enabled CPaaS platform, Wisely

Infosys Ltd launches Infosys Cortex

Sheetal Cool Products Limited receives approval certificate from Export Inspection Council

Quint Digital Media Ltd board approves 1:1 bonus issue

Bajaj Finance Ltd Q3FY21 consolidated net profit at Rs. 1145.98 crore

ACE develops Li-Ion Electric forklifts

CMI gets vendor approval from a prestigious Company

Sasken Technologies Ltd posts Rs. 33.90 crore consolidated PAT in Q3FY21

The Tinplate Company of India Ltd posts QoQ surge in PAT to Rs. 32.82 crore in Q3FY21

Udaipur Cement Works Ltd Q3FY21 net profit climbs to Rs. 15.55 crore

Quint Digital Media Ltd Q3FY21 PAT at Rs. 0.90 crore

LT Foods subsidiary acquires 30% stake in Leev, Netherlands

Radio City & Mid-day Award Top OTT Talent with the Second Edition of the Hitlist OTT Awards

Sterlite Technologies Ltd posts consolidated PAT of Rs. 86.64 crore in Q3FY21

The Federal Bank Ltd Q3FY21 consolidated PAT at Rs. 418.14 crore

Hindustan Zinc Ltd Q3FY21 net profit rises to Rs. 2200 crore

Cigniti signs up as a Medecision Liberation Strategic Partner

Karda Constructions reports strong turnaround in Q3 as construction activities resume post-lockdown

Newgen Software Technologies Ltd Q3FY21 consolidated PAT higher at Rs. 35.41 crore

Maruti Suzuki commences production and export of Jimny from India

Mindtree helps Aflac Simplify Claims Experience for Customers

Birla Precision Technologies Limited allots 84,31,703 Equity Shares at Rs. 5.93 to promoter

L&T Construction bags large contracts for its Power Transmission & Distribution Business in Bangladesh

AGEL commissions 150 MW Solar Power Plant at Kutchh, Gujarat, 3 months ahead of schedule

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020