Infibeam Avenues said that its board approved the divestment of 49% stake in Pirimid Technologies to subsidiary Rediff.com India for a consideration of up to INR 27 Cr

Infibeam’s UAE-based wholly owned subsidiary Vavian also approved the acquisition of 80% stake in Abu Dhabi-based company Infibeam Avenues ME SPV Limited for $80 Mn

Infibeam’s board approved the appointment of Girija Krishan Varma as a non-executive and independent director for a period of five years

Much happened at listed fintech major Infibeam Avenues’ meeting of board directors on Thursday (March 6).

In a filing with the exchanges, Infibeam Avenues said that its board approved divestment of 49% stake in Pirimid Technologies Limited to its subsidiary Rediff.com India for a consideration of up to INR 27 Cr.

Noting that the transaction will be completed within 60 days, Infibeam said that Pirimid will cease to be an associate (on a standalone basis) of the company post the transfer of shares.

Infibeam also said that its UAE-based wholly owned subsidiary Vavian International Ltd has approved the acquisition of 80% stake in a newly incorporated Abu Dhabi-based company Infibeam Avenues ME SPV Limited for a sum of $80 Mn.

Once the deal materialises, Infibeam Avenues ME SPV Limited will become a subsidiary of Vavian and a step-down subsidiary of Infibeam Avenues Limited.

“Further, we wish to inform you that Vavian International Limited has also approved the transfer of its 80% stake in its Subsidiary, Avenues World FZ‐LLC (CCAvenue.ae), to Infibeam Avenues ME SPV Limited for a total consideration of $80 Mn. As a result, Avenues World FZ-LLC will become a subsidiary of Infibeam Avenues ME SPV Limited and a step-down subsidiary of Vavian International Limited… ,” the filing said.

The listed company added that the two deals, involving Vavian, will be completed within 90 days, subject to regulatory approvals and compliance mandates.

Meanwhile, Infibeam’s board also approved the appointment of Girija Krishan Varma as a non-executive and independent director for a period of five years. Her appointment will be subject to shareholder approval.

An alumni of Delhi University, Cornell University and Stanford University, Varma is an arbitrator and fellow of the Chartered Institute of Arbitrators (FCIArb). In her previous stints, she worked with the likes of Microsoft, Standard Chartered Bank, Hewlett Packard Limited, among others.

The developments come a month after Gujarat Goods and Services Tax (GST) authorities issued a demand and penalty notice worth INR 32 Cr against Infibeam after tax officials disallowed certain GST exemptions claimed by the company on debit/credit card transactions, up to INR 2,000, between July 2017 and March 2024.

Founded in 2007 by Vishal Mehta, Infibeam provides omnichannel and full-stack B2B digital payments solutions through CCAvenue, bill payment solutions through BillAvenue and digital financial services through Go Payments to large enterprises, MSMEs and governments.

On the financial front, the payments infrastructure company reported a nearly 50% jump in its consolidated net profit to INR 64.4 Cr in the third quarter (Q3) of the fiscal year 2024-25 (FY25) from INR 43.1 Cr in the year-ago quarter. Operating revenue rose 18% to INR 1,070.3 Cr in the December quarter of FY25 from INR 907.1 Cr in Q3 FY24.

Shares of Infibeam ended Thursday’s (March 6) trading session 0.69% higher at INR 19.07 on the BSE.