Fairfax in talks to buy minority stake in Infibeam
DSIJ Intelligence / 17 Aug 2017
Fairfax Financial Holdings is in advance negotiations to buy 10-12% minority share in e-commerce company Infibeam Incorporation.
Fairfax Financial Holdings is in advance negotiations to buy 10-12% minority share in e-commerce company Infibeam Incorporation. Following the development, Infibeam’s share price soared by approximately 2%, hitting a high of Rs 1,466 on the BSE.
IToday's News, Dalal Street, Dsij News,BSE, NSEnfibeam Corporation is India’s only profitable and publicly traded e-commerce company. In 2016, it became the first e-commerce company to get listed on the Indian bourses. For the financial year ended March 2017, the company’s consolidated net profit increased by 396% to Rs 43.5 crore as against Rs 8.80 crore last year.
Just last week, Infibeam posted net profit of Rs 19.7 crore for the quarter ended June 30, growing 107% from Rs 9.6 crore in the same quarter last year. Its EBITDA improved 115% for the quarter to Rs 36.4 crore as against Rs 16.9 crore last year. The market capitalisation of Infibeam is Rs 7,800 crore.
If market reports are to be believed, Infibeam is in talks to buy troubled e-commerce company Snapdeal and has made a bid of USD 700 million for the same.
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