India, July 15 -- Fintech company Infibeam Avenues has closed its INR 700 Cr rights issue with an oversubscription of 1.4X. The issue was structured as a 67:267 rights issue, which means existing shareholders were eligible to apply for 67 new shares for every 267 shares they held.

With the successful closure, Infibeam's rights issue committee approved the allotment of about 70 Cr partly paid-up equity shares at INR 10 per share. With this, the total equity share capital of the company now stands at INR 348.9 Cr.

"The funds raised will further strengthen our balance sheet and enable us to invest in key growth areas, including AI-driven products, digital payment solutions, and selective acquisitions aligned with our vision," Infibeam MD a...