Infibeam Avenues to raise Rs 700 Cr via rights issue
Infibeam Avenues will conduct the fundraising by offering new shares to existing shareholders on a rights basis, with the final terms, such as pricing and entitlement ratio, to be determined by a newly constituted Rights Issue Committee.
Infibeam Avenues Ltd. has approved plans to raise up to Rs 700 crore (about $82 million) through a rights issue of equity shares, the company said in a filing to Indian stock exchanges on Friday.
The company will conduct the fundraising by offering new shares to existing shareholders on a rights basis, with the final terms, such as pricing and entitlement ratio, to be determined by a newly constituted Rights Issue Committee.
Infibeam did not specify a timeline for the issue, but said it would proceed following regulatory approvals.
Meanwhile, the company's board has adopted amendments to its Code of Conduct for Prevention of Insider Trading and related policies, aligning with the latest SEBI regulations. The updated disclosure code will take effect from June 10, 2025, and be available on the company’s website.
Infibeam has also unveiled a new corporate logo to reflect its "transformation and modern identity in the fintech and digital artificial intelligence space."
Earlier this year, the company said its subsidiary, Rediff.com India Ltd., secured approval from the National Payments Corporation of India (NPCI) to operate as a Third-Party Application Provider (TPAP) for its digital payment platform, RediffPay.
The move positions the company to compete in India’s booming Unified Payments Interface (UPI) ecosystem, which processes billions of transactions monthly.
Infibeam Avenues had acquired a 54.1% stake in Rediff.com for $3 million in October 2024.
Edited by Suman Singh