Infibeam Avenues signed a binding agreement for acquisition of 100% shareholding of AI Fintech, Inc to expand digital payments business in United States.
Accordingly, AI Fintech, Inc will become a Wholly owned subsidiary of the company. AI Fintech, Inc is a company formed and registered in USA.
The agreement is expected to close within 30 days for cash consideration. Cost of acquisition at which shares are acquired will not exceed $5,000.
The announcement was made after market hours yesterday, 20 April 2020. Shares of Infibeam Avenues closed 1.92% lower to settle at Rs 35.85 yesterday, 20 April 2020.
Infibeam Avenues operates an online payment system with technology platform solutions across industry verticals.
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