Infibeam Avenues has received approval from Hon'ble National Company Law Tribunal (NCLT) for 'Composite Scheme of Arrangement' amongst Infibeam Avenues, Suvidhaa Infoserve ( “Suvidhaa”), DRC Systems India (“DRC”) and NSI Infinium Global (“NSI”) and their respective share shareholders and creditors. Under the Scheme, Infibeam Avenues to demerge its SME E-commerce and Marketplace businesses toSuvidhaa and Themepark & Event Software business to DRC. The Composite Scheme of Arrangement is effective from the Appointed Date i.e. 1 April, 2020. The record has been set as 11 December, 2020.

The Composite Scheme of Arrangement will assist Infibeam Avenues to unlock value for its shareholders. Subject to regulatory approvals, Suvidhaa and DRC to get listed on the stock exchanges i.e. BSE and NSE. IAL will continue to focus on the high growth, highly scalable and profitable fintech business of Digital Payments and Enterprise Software Platforms.

Under the Scheme, all Infibeam Avenues shareholders as on the record datewill be allocated additional shares of Suvidhaa Infoserve and DRC Systems India without any additional cost under this Scheme of Arrangement in the following swap ratio -

- Suvidhaa will issue 197 equity shares for every 1500 equity shares to theshareholders of Infibeam Avenues.
- DRC will issue 1 equity share for every 412 equity shares to the shareholdersof Infibeam Avenues.

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Infibeam Avenues, in a move aimed to offer next]gen payment processing services under the flagship brand CCAvenue to merchants in Oman and to give a boost to the eCommerce sector in the region, announced its collaboration with Bank Muscat, Oman's biggest Bank. With this move, Infibeam Avenuesf has accelerated its move further to widen its footprint in the Middle East.

CCAvenue.com has already established itself as a leading digital paymentfacilitator in the UAE and Saudi Arabia. With this tie]up, the Company willconsolidated its presence in Oman and establish as one of the leading fintechplayer in digital payments and enterprise technology provider in the region.

The Company has entered into definitive agreement with Bank Muscat, tooffer its acquiring processor services to the bank. Under the agreement,Infibeam Avenues, through its digital payment solution, CCAvenue PaymentGateway Service (CPGS), will process online card transactions of variouspayment networks for Bank Muscat and help the Bank to authorize onlinepayment for its merchants which intends to boost fast growing eCommercesector in the region.

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Net profit of Infibeam Avenues declined 62.09% to Rs 9.34 crore in the quarter ended September 2020 as against Rs 24.64 crore during the previous quarter ended September 2019. Sales declined 8.58% to Rs 153.90 crore in the quarter ended September 2020 as against Rs 168.35 crore during the previous quarter ended September 2019.

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Infibeam Avenues will hold a meeting of the Board of Directors of the Company on 12 November 2020.

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