Infibeam Avenues share price rose in the early trade on August 5 after the company announced to acquire majority stake in Rediff.com India.
At 09:42am, Infibeam Avenues was quoting at Rs 32.83, up Rs 0.53, or 1.64 percent, on the BSE.
The company has entered into a definitive agreement for a 54 percent stake in Rediff.com India for cash consideration not exceeding Rs 25 crore, to be completed in 90 days.
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, company said.
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The company in the quarter ended June 2024 (Q1FY25) posted net profit of Rs 70 crore against Rs 26 crore and revenue was up 1.5 percent at Rs 753 crore against Rs 742 crore, YoY.
Earnings before interest, tax, depreciation and amortization (EBITDA) was up 42 percent at Rs 68 crore versus Rs 48 crore and margin was at 9 percent versus 6.5 percent, YoY.
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