Infibeam Avenues gains on getting nod to acquire balance 49.50% stake in So Hum Bharat Digital Payments
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Infibeam Avenues is currently trading at Rs. 27.05, up by 1.43 points or 5.46% from its previous closing of Rs. 25.62 on the BSE.
The scrip opened at Rs. 25.94 and has touched a high and low of Rs. 27.25 and Rs. 25.81 respectively. So far 5656937 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 28.19 on 15-Jan-2024 and a 52 week low of Rs. 12.85 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 27.25 and Rs. 25.24 respectively. The current market cap of the company is Rs. 7118.20 crore.
The promoters holding in the company stood at 28.13%, while Institutions and Non-Institutions held 6.40% and 65.47% respectively.
Infibeam Avenues has received approval to acquire balance 49.50% stake from the existing Shareholders of So Hum Bharat Digital Payments (So Hum). Post acquisition, So Hum would become a Wholly Owned Subsidiary of the Company.
So Hum has already applied for RBI’s New Umbrella Entity (NUE) license for retail payment systems that will enable the company to expand the scope from its current offerings of payments and platforms by Setting-up, manage and operate new payment system in the retail space. Balance 49.50% is being acquired to obtain 100% control and also to grab opportunities to obtain NUE licence in different jurisdictions in So Hum. The Board of Directors at its meeting held on January 23, 2024 has approved the same.
Infibeam Avenues is engaged in providing online retail services.
