Infibeam Avenues share price rose 4 percent in the opening trade on February 26 after the financial technology company's board approved acquisition of a 20 percent stake in the US-based XDuce Corporation.
At 9.36 am, Infibeam Avenues was quoting at Rs 35.86, up Rs 1.40, or 4.06 percent, on the BSE.
Founded in 2006, XDuce is a leading enterprise app and AI development company that specialises in building innovative AI solutions for businesses looking to optimise their internal operations and customer-facing systems for diverse industry verticals.
The acquisition will be completed within 90 days subject to necessary approvals for cash not exceeding $10 millions.
The board also approved to incorporate a wholly owned subsidiary in IFSC, GIFT CITY, Gandhinagar. The proposed company would be in the business of payment services as Payment Service Provider (PSP).
It also approved to divest 85,000 equity shares in Fable Fintech Private Limited, which would cease to be an associate of the company.
The sale/disposal transaction is expected to get completed within 45 days for Rs 15.30 crore.
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The company recorded a 15.7 percent jump in the December quarter net profit at Rs 41.44 crore.
In December, the company announced a foray in the capital markets and digital lending software market by acquiring a 49 percent stake in Pirimid Fintech.
Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. Its payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks.
The share touched a 52-week high of Rs 40 on February 2, 2024 and a 52-week low of Rs 12.85 on March 28, 2023. The stock is trading 10.35 percent below its 52-week high and 179.07 percent above its 52-week low.
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