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Saturday, April 1, 2017

Infibeam invested Rs 210 crore in CC Avenue

Popular ecomerce Infibeam has invested Rs 210 crore in CC Avenue. Infibeam has invested Rs 150 crore for acquiring 7.50 per cent equity stake to take control in CC Avenue.

Also read: Infibeam acquired cloud ERP solutions provider DRC Systems
Previously the company’s wholly owned subsidiary NSI InfiniumBSE -0.97 % Global Pvt Ltd had invested Rs 60 crore to acquire 3.85 per cent stake of CC Avenue.

The board decided that the parent company Infibeam Incorporation Ltd would pay Rs 60 crore to its wholly owned subsidiary NSI Infinium Global Pvt Ltd and would takeover 3.85 per cent stake of CC Avenue. With this, investment made by NSI in CC Avenue would be entirely liquidated.

Thus in total 11.35 per cent stake of CC Avenue will be held by the parent company Infibeam Incorporation Ltd that would give them control over the CC Avenue with a total investment of Rs 210 crore.

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