Infibeam Avenues Limited ("Infibeam" or "Demerged Company" or "Transferor Company") is engaged in business of digital payment, E-Commerce services, comprehensive suite of web services spanning digital payment solution, data centre infrastructure, software platform etc. The equity shares of Infibeam are listed on nationwide bourses.
Odigma Consultancy Solutions Limited ("ODIGMA" or "Resulting Company") is a wholly owned subsidiary of Infibeam engaged in activities relating to e-commerce.
Infibeam Projects Management Private Limited ("IPMPL" or "Transferee Company") is a wholly owned subsidiary of Infibeam.
The Proposed Transaction:
Board of Directors of Infibeam Avenues Limited ("Infibeam" or "Demerged Company" or "Transferor Company"), at its meeting has considered and approved a Composite Scheme of Arrangement between the Company, Odigma Consultancy Solutions Limited ("ODIGMA" or "Resulting Company") and Infibeam Projects Management Private Limited ("IPMPL" or "Transferee Company") and their respective shareholders and creditors ("Scheme") under Sections 230 to 232 read with Section 66 of the Companies Act, 2013 ("Act") and other applicable laws including the rules and regulations which inter-alia provides for
i. The demerger, transfer and vesting of Global Top-Level Domain ("GTLD") Undertaking from the Company to the Resulting Company on a going concern basis;
ii. transfer and vesting of the Project Management Undertaking of the Company, as a going concern on Slump Sale basis, to the Transferee Company;
The Appointed date for the transaction is 1st April 2023.
Demerger
This story is from the November 2023 edition of M & A Critique.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 2023 edition of M & A Critique.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Advent International to combine its listed & private entity business
Recently, Advent International announced the merger of its privately held pharma company into recently acquired listed pharma company.
Eris Lifesciences on Acquisition Spree to expand its branded formulations portfolio
Recently, Eris Lifesciences Limited announced acquisition of 'branded Formulation Business' of Biocon Biologics Limited pertaining to the India territory through slump sale. In addition, ELL also announced a foreign acquisition.
Vuenow Merges All Entities Will It Create Value?
Recently, Vuenow Infratech Limited, a BSE listed company, announced the merger of two private companies itself.
Dalmia Group continues its journey of segregation of businesses by way of demerger
Recently Dalmia Group announced yet another restructuring of one of its group companies Dalmia Bharat Refractories Limited.
Rane Group to consolidate its listed operational entities
After keeping different operational listed entities for years, Rane Group, one of the key players in Auto Ancillary space has decided to consolidate its listed operational companies under Rane (Madras) Limited.
Zuari Group's attempts to create the biggest private producer of Fertilisers
“Transfer of Identified shares from ZACL to ZMPPL is a precondition for approval of the merger transaction”
Shankara Building Products separates its trading & marketplace business for independent growth
Recently, Shankara Building Products Limited announced the demerger of its trading/building material marketplace business from its manufacturing business.
CASE LAW: Reduction of Share Capital by way of cancellation of Shares amounts to "Transfer" and Losses available for set-off
Recently, the Mumbai bench of the Income Tax Appellate Tribunal in the case of Tata Sons Limited held that the reduction of share capital of the company by way of cancellation of shares is an extinguishment of rights in shares and be treated as \"transfer\".
Allcargo Logistics creating a more simplified structure
“The transaction will separate the international supply chain business into a separate entity”
TVS Group's Restructuring A Benchmark for Family Arrangements
\"Part I of the scheme, although complex with multiple transactions, executed to achieve separation of ownership between various family branches\"
