Info Edge Arm May File New Merger Plan After Policybazaar IPO

Info Edge (India) Ltd announced on Saturday that its subsidiary, Makesense Technologies Ltd, intends to file a new merger proposal with PB Fintech – which operates Policybazaar – after the latter IPO. In April, Info Edge announced the merger of Makesense Technologies and PB Fintech.

“… Makesense Technologies Ltd has received a letter of request from PB Fintech Ltd seeking its consent for the withdrawal of the aforementioned scheme from the Hon’ble National Company Law Tribunal, Chandigarh Bench (NCLT) in order to expedite the process of its next IPO. “, Info Edge (India) said Saturday in a regulatory filing.

He added that in view of this, the board of directors of Makesense Technologies Limited passed a resolution approving the withdrawal from the program, subject to the approval of the NCLT.

“Both companies have agreed that they intend to file a new scheme, in the same form as the current scheme, updated for changes due to the listing of PB Fintech Ltd after the completion of said IPO in purse “, indicates the file.

PB Fintech, which operates the online insurance platform Policybazaar and credit comparison portal Paisabazaar, has filed preliminary documents with market regulator Sebi to raise Rs 6,017.50 crore through an initial public offering ( IPO).

The IPO includes a new issue of Rs 3,750 crore of shares and an offer to sell (OFS) of Rs 2,267.50 crore by existing shareholders, according to the draft red herring prospectus (DRHP).

In April, Info Edge (India) said the merger would help streamline the company’s structure; pooling of resources between the two companies and a significant reduction in the multiplicity of legal and regulatory compliance currently required by the two companies.

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He added that the move would also help streamline costs, time and effort by eliminating multiple record keeping, administrative functions and consolidation of financial data through streamlining of legal entities.

As soon as the proposed merger comes into effect, PB Fintech will allocate its shares on a pro rata basis to the shareholders of Makesense Technologies, Info Edge (India) said.

A total of 59,750 capital shares with a par value of Rs 2 each, fully paid, and 60,030 mandatory convertible preferred shares with a par value of Rs 20 each, fully paid, will be issued and allocated by the transferee company, he added.

It will be proportional to the number of shares held by the shareholders of the ceding company.

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