Infibeam Avenues Limited has acquired 100% Stake of Vavian International Limited, a Company formed and registered in Dubai from Infibeam Global EMEA FZ-LLC, the wholly owned subsidiary of our Company and hence, Vavian International Limited will become direct wholly owned subsidiary of our Company.
A binding Memorandum of Understanding ("MoU") has been signed between Infibeam Global EMEA FZ-LLC, the wholly owned subsidiary of our Company and Unipropitia - FZCO ("Investors") wherein the Unipropitia Group will invest in Infibeam Global EMEA FZ-LLC for an aggregate consideration not exceeding USO 25 Million with Control on signing of the MoU. As a result, the Investors shall hold 51% stake in the said Company and, hence, lnfibeam Global EMEA FZ-LLC will no longer be the wholly owned subsidiary / subsidiary of the Company.
Unipropitia FZCO is a leading professional services and investment firm headquartered in UAE. The company has made investments in several technology companies with focus on large scale technology implementation for Institutions and Government in the middle east region.
The Company has also initiated the process of setting up a Wholly Owned Subsidiary in Riyadh, Kingdom of Saudi Arabia for conducting the business of Digital Payments Transaction Processing and Settlement.
Shares of Infibeam Avenues Ltd was last trading in BSE at Rs.41.3 as compared to the previous close of Rs. 43.05. The total number of shares traded during the day was 1450461 in over 2241 trades.
The stock hit an intraday high of Rs. 42.5 and intraday low of 40.55. The net turnover during the day was Rs. 59890778.