Infibeam Avenues UAE arm to raise 208 crore in pre-IPO funding [Video]

Infibeam Avenues on Wednesday said that its United Arab Emirates-based subsidiary Avenues World FZ-LLC is raising $25 million (nearly ₹208.3 crore) in a pre-IPO round from a select group of investors.

The subsidiary is in the pre-listing phase for a potential listing on the UAE capital market, Infibeam Avenues said in a stock exchange filing.

After the fund raise, Avenues World FZ-LLC would no longer remain a wholly owned step-down subsidiary of the company. The transaction is expected to be finalised within the next 45 days.

Following this, Vavian International Limited, the wholly owned subsidiary of the company, will hold a 75% stake or more in Avenues World FZ-LLC. This is due to an indirect dilution of up to 25% of the Post Issue Capital of Avenues World FZ-LLC.

Earlier this month, the firm announced that it obtained the final authorisation from the Reserve Bank of India (RBI) for operating as an Online Payment Aggregator.

On March 4, …