Fintech firm Infibeam Avenues Ltd (IAL) on Saturday said it has received approval from the National Company Law Tribunal (NCLT), Ahmedabad, for demerger of its various entities, including SME e-commerce service and e-commerce business undertaking. 


                              

Under the ‘Composite Scheme of Arrangement’, IAL had sought to demerge its SME E-commerce as well as the E-commerce marketplace businesses to Suvidhaa, while theme park and event business will be demerged and vested to DRC Systems.

Under the scheme, all IAL shareholders (on the record date of December 11, 2020) will be allocated additional shares of Suvidhaa Infoserve Ltd and DRC Systems India Ltd without any additional cost, IAL said in a statement on Saturday. Suvidhaa will issue 197 equity shares for every 1,500 equity shares to the shareholders of IAL, while DRC will issue 1 equity share for every 412 equity shares to IAL shareholders, it added.