Leading AI-powered fintech company, Infibeam Avenues Ltd, ("Infibeam" or "The Company" or "IAL"), (BSE: 539807; NSE: INFIBEAM), today announced that it has entered into a definitive agreement for a 54% stake in Rediff.com India Ltd., one of India's oldest and most renowned internet businesses. This internally funded acquisition marks a significant milestone for Infibeam Avenues, marking the beginning of its consumer facing digital financial service as an aggregator backed by a mainstream news, cloud based enterprise email storage, and collaboration platform.
"I am delighted to pass on this iconic brand and its legacy into the capable hands of Mr. Vishal Mehta, Infibeam Avenues. I strongly believe that the new avatar of Rediff under his leadership will further strengthen the company and accelerate business growth," said Mr Ajit Balakrishnan, Chairman & CEO of Rediff.com.
Rediff.com, established in 1996 by IIM-Calcutta alumni Mr Ajit Balakrishnan, will continue to advise the Company. Mr. Balakrishnan has also served as the board Chairman at IIM-Calcutta for almost a decade. "This transaction harnesses the synergies between Infibeam Avenues' fintech expertise and Rediff.com's esteemed brand legacy. We are poised to cement our position as a leader in the dynamic landscape of digital finance aggregation, cloud storage and content distribution. With this synergy, we are poised to unlock new dimensions of growth, redefining the essence of cloud and fintech engagement," said Mr Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd.
Shares of Infibeam Avenues Limited was last trading in BSE at Rs. 32.30 as compared to the previous close of Rs. 30.98. The total number of shares traded during the day was 8598333 in over 20822 trades.
The stock hit an intraday high of Rs. 33.60 and intraday low of 30.04. The net turnover during the day was Rs. 279986368.00. |
