Info Edge (India) Ltd on Saturday said its subsidiary, Makesense Technologies Ltd, intends to file a fresh scheme of amalgamation with PB Fintech – which operates Policybazaar – after the latter’s IPO. In April, Info Edge had announced the merger of Makesense Technologies and PB Fintech.
“…Makesense Technologies Ltd received a request letter from PB Fintech Ltd seeking its consent for withdrawal of the aforesaid scheme from the Hon’ble National Company Law Tribunal, Chandigarh Bench (NCLT) in order to expedite the process of its upcoming IPO,” Info Edge (India) said in a regulatory filing said on Saturday.
It added that in view of this, the Board of Directors of Makesense Technologies Limited has passed a resolution approving the withdrawal of the scheme, subject to approval of the NCLT.
“Both companies have agreed that they intend to file a fresh scheme, in the same form as the current scheme, updated for the changes due to listing of PB Fintech Ltd after completion of the said IPO,” the filing said.
PB Fintech, which operates online insurance platform Policybazaar and credit comparison portal Paisabazaar, has filed preliminary papers with market regulator Sebi to raise Rs 6,017.50 crore through an initial public offer (IPO).
The IPO comprises a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale (OFS) of Rs 2,267.50 crore by existing shareholders, according to the draft red herring prospectus (DRHP).
In April, Info Edge (India) had said the amalgamation will help in streamlining of the corporate structure; pooling of resources between the two companies and significant reduction in the multiplicity of legal and regulatory compliances required at present to be carried out by both the companies.
It had added that the move will also help in rationalisation of costs, time and efforts by eliminating multiple record keeping, administrative functions and consolidation of financials through legal entity rationalisation.
Upon the scheme of amalgamation coming into effect, PB Fintech will allot its shares on a proportionate basis to shareholders of Makesense Technologies, Info Edge (India) had said.
A total of 59,750 equity shares of face value Rs 2 each, fully paid-up, and 60,030 compulsorily convertible preference shares of face value Rs 20 each, fully paid-up, will be issued and allotted by the transferee company, it had added.
It will be in proportion to the number of equity shares held by the shareholders in the transferor company.