Infibeam Avenues has received approval from Hon'ble National Company Law Tribunal (NCLT) for 'Composite Scheme of Arrangement' amongst Infibeam Avenues, Suvidhaa Infoserve ( Suvidhaa), DRC Systems India (DRC) and NSI Infinium Global (NSI) and their respective share 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. 1 April, 2020.
The record has been set as 11 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 shareholders as on the record date will be allocated additional shares of Suvidhaa Infoserve and DRC Systems India 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. - DRC will issue 1 equity share for every 412 equity shares to the shareholders of Infibeam Avenues.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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