PB Fintech Ltd withdraws from merger with Makesense Technologies Ltd

The company had earlier announced about the proposed Scheme of Amalgamation between Makesense Technologies Limited (subsidiary of Info Edge (India) Ltd.) ("Transferor Company") and PB Fintech Private Limited ("Transferee Company") and their respective shareholders, pursuant to the provisions of Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, including rules made thereunder ("Scheme").

Makesense Technologies Limited received a request letter from PB Fintech Limited seeking its consent for withdrawal of the aforesaid Scheme from the Hon'ble National Company Law Tribunal, Chandigarh Bench ("NCLT") in order to expedite the process of its upcoming IPO.

In view of the above, the Board of Directors of Makesense Technologies Limited has passed a resolution approving the withdrawal of the aforesaid Scheme, subject to approval of the NCLT. Both companies have agreed that they intend to file a fresh scheme, in the same form as the current Scheme, updated for the changes due to listing of PB Fintech Ltd. after completion of the said IPO.

Shares of Info Edge(India) Ltd. was last trading in BSE at Rs. 6651.95 as compared to the previous close of Rs. 6833.95. The total number of shares traded during the day was 6850 in over 1402 trades.

The stock hit an intraday high of Rs. 6885 and intraday low of 6640.15. The net turnover during the day was Rs. 46120692.

Source : Equity Bulls

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