Infibeam Avenues' Subsidiary to Acquire 80% Stake in UAE-based Company for USD 80 Million

Infibeam Avenues Ltd. has announced that its wholly owned subsidiary, Vavian International Limited, based in the UAE, has approved the acquisition of 80% stake in a newly incorporated company, Infibeam Avenues ME SPV Limited, for a total consideration of USD 80 million. This acquisition will make Infibeam Avenues ME SPV Limited a subsidiary of Vavian International Limited and a step-down subsidiary of Infibeam Avenues Limited. Furthermore, Vavian International Limited has also approved the transfer of its 80% stake in its subsidiary, Avenues World FZ-LLC, to Infibeam Avenues ME SPV Limited for the same consideration. These transactions are expected to be completed within 90 days, subject to local regulatory approvals and compliance. These transactions are related party transactions, executed at arm’s length terms, with no interest from the Promoters and Promoter group. Avenues World FZ-LLC is not a material subsidiary as per the provisions of the Companies Act, 2013, and SEBI Listing Regulations.