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Infibeam Avenues on Monday announced demerger of its SME e-commerce and e-commerce marketplace businesses to Suvidhaa and theme park and event business to DRC Systems, with an eye to unlock shareholder value. Post regulatory approval of the proposed scheme, both the entities will be listed on the stock exchanges.
Infibeam has received observatory consent and approval from the stock exchanges on the proposed composite scheme of arrangement for filing with the National Company Law Tribunal.
Post NCLT order, Suvidhaa will issue 197 shares for every 1,500 shares of Infibeam and 10 shares of DRC for every 4,120 shares.
Last year, its board, on the recommendation of the audit committee, had approved the Composite Scheme between Suvidhaa Infoserve, DRC Systems India Ltd and NSI Infinium Global.
The company said through the demerger, shareholders of Infibeam will benefit with additional shares of Suvidhaa and DRC post NCLT order. Infibeam Avenues, on the other hand, will continue to focus on its core businesses which include digital payments and enterprise software platform solutions.
Suvidhaa provides last mile financial services to more than 40 million unique customers through both offline and online delivery channels. Shapoorji Pallonji Mistry owns minority stake in Suvidhaa, as an angel investor.
Shares of Infibeam closed 0.37 per cent higher at ₹67.45 on the BSE.
Having one of the largest networks across India with a reach spanning more than 4500 PIN codes and more than 91,000 franchise outlets, Suvidhaa provides services and financial products through its partnerships with over 300 financial institutions and service providers.
"Suvidhaa 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," an official statement said.
DRC Systems is a Cloud Enterprise ERP solutions provider including testing in several programming languages (iOS, Android and Windows Mobile) services across e-commerce, content management system, payment, processing system, mobile application, learning management system as well as ERP for both front-end user interface as well as back-end.
The company is profitable and has operations in India, the US, Germany, Netherlands and Middle East region.
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