India, March 7 -- Much happened at listed fintech major Infibeam Avenues' meeting of board directors on Thursday (March 6).

In a filing with the exchanges, Infibeam Avenues said that its board approved divestment of 49% stake in Pirimid Technologies Limited to its subsidiary Rediff.com India for a consideration of up to INR 27 Cr.

Noting that the transaction will be completed within 60 days, Infibeam said that Pirimid will cease to be an associate (on a standalone basis) of the company post the transfer of shares.

Infibeam also said that its UAE-based wholly owned subsidiary Vavian International Ltd has approved the acquisition of 80% stake in a newly incorporated Abu Dhabi-based company Infibeam Avenues ME SPV Limited for a sum of $80...