Info Edge (India) Ltd on Saturday said its subsidiary, Makesense Technologies Ltd, intends to introduce a new merger plan with PB Fintech – which operates through Policybazaar – following the IPO of this.
In April, Info Edge announced the merger of Makesense Technologies and PB Fintech.
“… Makesense Technologies Ltd has received a letter of application from PB Fintech Ltd seeking its approval for the withdrawal of the above-mentioned scheme from the Hon’ble National Company Law Tribunal, Chandigarh Bench (NCLT) with a view to speeding up its next IPO process,” he said. -Info Edge (India) said this during a law fair on Saturday.
He further added that in view of this, the Board of Directors of Makesense Technologies Limited has passed a decision approving the withdrawal of the program, subject to NCLT approval.
“Both companies have agreed to intend to introduce a new system, similar to the current scheme, which has been revised as a result of PB Fintech Ltd’s listing after the completion of the stated IPO,” the statement said.
PB Fintech, which operates platformbazaar online insurance platform and credit comparison site Paisabazaar, has submitted initial papers to market regulator Sebi to raise Rs 6,017.50 million for initial public offering (IPO).
The IPO contains new issuance of shares valued at Rs 3,750 crore and a supply offer (OFS) of Rs 2,267.50 crore by existing shareholders, according to the red herring prospectus (DRHP) framework.
In April, Info Edge (India) had said the merger would help redesign the company building; the consolidation of resources between the two companies and a significant reduction in the duplication of compliance with regulatory and regulatory requirements currently required by both companies.
It would also add that the initiative would also help with cost planning, time and effort by eliminating excessive record keeping, administrative and fundraising activities through the organization of legal entities.
Once the consolidation plan is implemented, PB Fintech will share equally among its shareholders in Makesense Technologies, Info Edge (India).
A total of 59,750 shares of the value of Rs 2 each, fully paid, and 60,030 shares of the compulsory face option of Rs 20 each, fully paid, will be issued and allocated to the transfer company, not to mention.
It will be equal to the number of equity shares held by the shareholders in the transfer company.