The board also cleared amalgamation of CC Avenue with the company in which Infibeam has controlling stake.
"...The Board of Directors of the Company at its meeting held on Thursday July 13, 2017... Has approved..Split/sub- division of equity shares of the company from existing face value of Rs 10 per equity share to face value of Re 1 per equity share. Amalgamation of Avenue (India) Private Limited (CC Avenue) with the company," Infibeam said in a regulatory filing.
The company said that splitting of stock will improve liquidity of equity shares with higher floating stocks and make them affordable for the investors.
The process of share split will be completed in approximately two months from now.
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Infibeam said that it will amalgamate CC Avenue through equity route.
Under the arrangement "260 fully paid up equity shares of face value of Rs 10 each of Infibeam Incorporation for every 100 fully paid shares of face value of Rs 10 each of Avenues (India) Private Limited (CC Avenue)", the filing said.
Shares of Infibeam Incorporation closed at Rs 1,124.90, up by 1.98 per cent compared to previous close on BSE today.
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