Months after demerging from Infibeam, DRC Systems makes market debut
DRC Systems India, the theme park and event business of Ahmedabad headquartered payments and ecommerce solutions provider Infibeam Avenues, will list and trade its equity shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), effective Wednesday.
DRC Systems received approval for the same from the stock exchanges on March 8, a statement said.
On Wednesday, the shares opened at Rs 128.75 on BSE and Rs 128.8 on NSE.
DRC Systems provides customised IT solutions and consultancy services to firms such as Wipro Foundation, Indian Institute of Management Bangalore (IIM-B), Airport Authority of India, and Gujarat Metro Rail Corporation, as well as international customers such as King Khalid University and Hong Kong based Allways.
Infibeam had received approval from the National Company Law Tribunal (NCLT) in November 2020 to demerge the business of DRC Systems, a year after the announcement was first made. Around the same time, Infibeam’s board had also approved the demerger of SME-focused ecommerce marketplace subsidiary NSI Infinium Global to Mumbai-based Suvidhaa Infoserve.
Post listing, DRC Systems will issue and allot each shareholder of Infibeam Avenues one equity share of Rs 10 each of DRC as fully paid-up for every 412 equity shares of Rs 1 each held in Infibeam Avenues. This is applicable for shareholders whose name was recorded in the register of members and records of the depositories as members of Infibeam Avenues Limited.