Infibeam Avenues Limited has informed the Exchange about transfer of Platform Business through a slump sale.
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Infibeam Avenues' board has approved transferring its Ecommerce Platform Infrastructure business to its subsidiary Rediff.com India Limited via a slump sale for a total consideration of INR 800.39 Crores, comprising INR 400 Crores in cash and INR 400.39 Crores through fresh equity shares of Rediff.com. The platform business contributed Rs. 1,801.6 Mn (4.83%) to Infibeam's total turnover and Rs. 6,211.5 Mn (18.58%) to its net worth in FY24-25. Post-transaction, Infibeam's stake in Rediff.com will rise from 54.1% to 82.7%, giving it continued strategic control while retaining about 82% equity. The deal is a related-party transaction done at arm's length, is not via a scheme of arrangement, and is subject to shareholder and regulatory approvals, expected to close in about 60 days.
Infibeam is sharpening its focus on payments (CCAvenue) and AI (Phronetic.AI), while the platform business gets a stronger home under Rediff's consumer-facing brand. The cash inflow of Rs. 400 Crores along with no change in Infibeam's own shareholding pattern is positive for shareholders, though the deal still needs shareholder approval and adds some execution risk.