Stocks

Infibeam jumps 10 per cent on Reliance Jio stake buy talk

Our Bureau Ahmedabad | Updated on October 12, 2021

Company declines to comment on ‘rumour’

Infibeam Avenues Ltd (IAL) shares gained over 10 per cent on Tuesday following the buzz of a possible stake acquisition by Reliance Industries’ Jio Platforms.

According to market speculations, Jio Platforms was said to be in discussions with Infibeam Avenues to acquire a majority stake in the Ahmedabad-based payments solutions provider. A media query sent to Jio remained unanswered, while Infibeam in a statement said, “As a company policy, we do not comment on market rumours and there is nothing to disclose at this point of time.”

Following the speculations, the stock gained from the intra-day low of ₹45.30 to hit a high of ₹52.20 before settling at ₹51, up 10 per cent from its previous close on the BSE.

In May, IAL, Jio Platforms and its affiliates had signed a definitive agreement “to licence, customise, maintain and access IAL’s ENTerprise e-commerce software and payments platform for their business use”.

High HNIs holding

As of June end, Infibeam promoters were holding 31.09 per cent, while public holding was at 68.49 per cent, which included 7 per cent by FPIs and 11.36 per cent by bodies corporate. Retail investors’ stake stood at 7.69 per cent and HNIs at 36.84 per cent.

IAL, India’s largest online marketplace for government procurement – GeM platform, processed transaction worth ₹1.4-lakh crore or $19 billion in fiscal 2020-21 for over 2.5 million clients across digital payments and enterprise software platforms.

Published on October 12, 2021

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