Trending Mid Cap Stocks: Shares of Infibeam to be affordable post split
DSIJ Intelligence / 14 Jul 2017
E-commerce player, Infibeam Incorporation has come up with a decision of splitting its equity shares.
E-commerce player, Infibeam Incorporation has come up with a decision of splitting its equity shares. A Board meeting was held yesterday i.e. on Thursday to approve the plan of share split and also approve its amalgamation with CC Avenue.
The shares would split in the ratio of 1:10. The existing face value of shares is Rs 10 per equity share. The Board of Directors have decided to split the shares to face value of Re 1 per equity share. This split plan would make it more affordable for investors to invest in the company and increase the liquidity of the firm.
An EGM (Extraordinary General Meeting) of the members would be held on August 11, 2017 for considering the above matters. The process of share split is expected to get completed in next two months.
Infibeam would amalgamate with CC Avenue, which would reduce the promoters’ shareholding in Infibeam from 44.5 percent to 36.5 percent.
On Thursday, ICICI group has bought 0.18 percent stake in the company by purchasing 1 lakh shares worth Rs 11 crore.
Infibeam Incorporation was the first e-commerce player in India to get listed on BSE and NSE through IPO last year.
The stock opened today at Rs 1,146.55, up by 1.9 percent from its previous close of Rs 1,124.90.
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