The board of e-commerce firm
Infibeam Incorporation today approved share split plan in the
ratio of 1:10 that will make its scrip more affordable for the
investors and increase market liquidity.
The board of e-commerce firm
Infibeam Incorporation today approved share split plan in the
ratio of 1:10 that will make its scrip more affordable for the
investors and increase market liquidity.
The board also cleared amalgamation of CC Avenue with the
company in which Infibeam has controlling stake.
"...the Board of Directors of the Company at its meeting
held on Thursday July 13, 2017... has approved..split/sub-
division of equity shares of the company from existing face
value of Rs 10 per equity share to face value of Re 1 per
equity share. Amalgamation of Avenue (India) Private Limited
(CC Avenue) with the company," Infibeam said in a regulatory
filing.
The board also approved altering the capital clause of
memorandum of association, in connection with the split of
shares, setting up of Infibeam Employees Welfare Trust.
The company said that splitting of stock will improve
liquidity of equity shares with higher floating stocks and
make them affordable for the investors.
The process of share split will be completed in
approximately two months from now.
Infibeam said that it will amalgamate CC Avenue through
equity route.
Under the arrangement "260 fully paid up equity shares
of face value of Rs 10 each of Infibeam Incorporation for
every 100 fully paid shares of face value of Rs 10 each of
Avenues (India) Private Limited (CC Avenue)", the filing said.
Post amalgamation of CC Avenue with the company,
promoters shareholding in Infibeam will come down to 36.46 per
cent from 44.52 per cent at present in resultant entity.
Shares of Infibeam Incorporation closed at Rs 1,124.90,
up by 1.98 per cent compared to previous close on BSE today.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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