Investment27 Mar 2024, 03:14 am
Infibeam Avenues Ltd: Subsidiary Raising USD 25 Million through Pre-IPO Round in 45 Days
AI Summary
Infibeam Avenues Ltd announced that its wholly owned subsidiary, Avenues World FZ-LLC, is raising funds of USD 25 million in a Pre-IPO round. The transaction is expected to be completed within 45 days and Vavian International Limited, a wholly owned subsidiary of Infibeam Avenues Ltd, will continue to hold over 75% stake. The promoters have no interest in the transaction, and it will not be considered a related party transaction or a material subsidiary transaction.
Key Highlights
- Infibeam Avenues Ltd subsidiary to raise USD 25 million in Pre-IPO round
- Transaction completion expected within 45 days
- Vavian International Limited to continue holding over 75% stake
- No interest of promoters or related party transaction
- Avenues World FZ-LLC will not be considered a material subsidiary