Info Edge India arm Makesense Tech to amalgamate with PolicyBazaar operator PB Fintech

PTI | New Delhi | Updated: 16-04-2021 18:41 IST | Created: 16-04-2021 18:41 IST
Info Edge India arm Makesense Tech to amalgamate with PolicyBazaar operator PB Fintech

Info Edge (India) on Friday said its subsidiary Makesense Technologies Ltd will amalgamate with PB Fintech that operates PolicyBazaar.

''Makesense Technologies Ltd and PB Fintech Pvt Ltd, at their respective board meetings, held on April 15, 2021, have approved the proposed scheme of amalgamation between Makesense Technologies Ltd (transferor company) and PB Fintech Pvt Ltd (transferee company) and their respective shareholders,'' Info Edge (India) said in a regulatory filing on Friday.

It added that the scheme is subject to the necessary approvals/ sanctions from the jurisdictional National Company Law Tribunal (NCLT) or other competent authority and shareholders and creditors of the two companies.

''Upon the scheme becoming effective and pursuant to proportionate share issuance by the transferee company to the shareholders of the transferor company, economic interest of Info Edge (India) Ltd in PB Fintech Pvt Ltd remains unchanged,'' it said.

PB Fintech is engaged in the business of operating a price comparison engine; and operating an online sales channel for insurance policies and other financial products for customers. It also provides other value-added services apart from acting as a direct selling agent of banks and financial institutions, the filing said.

Makesense Technologies, on the other hand, is engaged in the business of providing services and solutions in relation to placement consultancy, personnel recruitment, staffing, professional hiring and management consultancy.

The filing noted that the amalgamation will help in streamlining of the corporate structure; pooling of resources between the two companies and significant reduction in the multiplicity of legal and regulatory compliances required at present to be carried out by both the companies.

It added that the move will also help in rationalisation of costs, time and efforts by eliminating multiple record keeping, administrative functions and consolidation of financials through legal entity rationalisation.

Besides, it will also result in reduction of administrative responsibilities, multiplicity of records and legal as well as regulatory compliances.

''The scheme is in the best interests of the shareholders, employees and the creditors of each of the parties,'' the filing said.

Upon the scheme of amalgamation coming into effect, PB Fintech will allot its shares on a proportionate basis to shareholders of Makesense Technologies.

A total of 59,750 equity shares of face value Rs 2 each, fully paid-up, and 60,030 compulsorily convertible preference shares of face value Rs 20 each, fully paid-up, will be issued and allotted by the transferee company. It will be in proportion to the number of equity shares held by the shareholders in the transferor company, it said.

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



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