Left Menu
Development News Edition

Infibeam Avenues gets NCLT nod for demerger of SME E-commerce Services, marketplace biz

Fintech firm Infibeam Avenues Ltd (IAL) on Saturday said it has received approval from the National Company Law Tribunal (NCLT), Ahmedabad, for demerger of its various entities, including SME e-commerce service and e-commerce business undertaking.

PTI | New Delhi | Updated: 28-11-2020 21:48 IST | Created: 28-11-2020 21:34 IST
Infibeam Avenues gets NCLT nod for demerger of SME E-commerce Services, marketplace biz
Under the scheme, all IAL shareholders (on the record date of December 11, 2020) will be allocated additional shares of Suvidhaa Infoserve Ltd and DRC Systems India Ltd without any additional cost, IAL said in a statement on Saturday. Image Credit: ANI

Fintech firm Infibeam Avenues Ltd (IAL) on Saturday said it has received approval from the National Company Law Tribunal (NCLT), Ahmedabad, for demerger of its various entities, including SME e-commerce service and e-commerce business undertaking. Under the 'Composite Scheme of Arrangement', IAL 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.

Under the scheme, all IAL shareholders (on the record date of December 11, 2020) will be allocated additional shares of Suvidhaa Infoserve Ltd and DRC Systems India Ltd without any additional cost, IAL 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. "The Composite Scheme of Arrangement will assist Infibeam Avenues to unlock value for its shareholders. Subject to regulatory approvals, Suvidhaa and DRC will get listed on the stock exchanges ie BSE and NSE," it added.

IAL will continue to focus on the high growth, highly scalable and profitable fintech business of digital payments and enterprise software platforms, it said. Last year, the Board - 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, 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. Shapoorji Pallonji Mistry is an angel investor and owns a minority stake in Suvidhaa, as per the information in the statement.

DRC Systems offers cloud enterprise ERP solutions, customised software for e-commerce applications, web technology analysis, mobile technology analysis including testing in several programming languages, services across e-commerce, content management system, payment processing system and others. The company is profitable and has operations in India, the US, Germany, the Netherlands and the Middle East region.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Twenty-two FIRs registered so far in connection with violence during farmers' tractor parade: Delhi Police.

Twenty-two FIRs registered so far in connection with violence during farmers tractor parade Delhi Police....

Maha: Labourer killed, 2 injured in accident on rail track

A labourer was crushed to deathand two others were injured after they got trapped in a trackrelaying train TRT machine during maintenance work nearKalyan here in Maharashtra on Wednesday, officials said.This led to failure of the TRT machin...

Wade cut from Australia test squad for South Africa series

Matthew Wade has been cut from Australias test squad for the scheduled tour to South Africa.While the 33-year-old wicketkeeper-batsman didnt make the 19-player list for South Africa, though, he was picked as vice-captain of an 18-player squ...

CORRECTED (OFFICIAL)-Mexico reports 17,165 new coronavirus cases, 1,743 more deaths

Mexicos health ministry on Tuesday reported 17,165 new confirmed cases of coronavirus infection and 1,743 additional fatalities, bringing the total in the country to 1,788,905 cases and 152,016 deaths.The government says the real number of ...

Give Feedback