Shares of Infibeam Avenue Ltd surged 10% higher on 26 February after the company announced receiving approval from the Board of Directors to acquire a 20% stake in the US-based XDuce Corporation. The said acquisition will be completed in 90 days for a total cash consideration not exceeding $10 million, making XDuce Corporation an associated company.

XDuce Corporation was founded in 2006 and is one of the leading expert app and AI development companies, specialising in building innovative AI solutions for businesses that are looking to optimise their internal operations and customer-facing systems for diverse industry verticals.

Furthermore, the board has also approved the incorporation of a wholly owned subsidiary in IFSC, GIFT CITY, Gandhinagar, under the jurisdiction of Development Commissioner KASEZ-SEZ. Once incorporated, the wholly-owned subsidiary company will be considered a related party of the company.

Moreover, the board has also approved the divesting of 85,000 equity shares in Fable Fintech Private Limited. As a result of this transaction, Fable Fintech Private Limited will no longer be considered an associate of the company.

As per the company’s financials, it reported a total income of Rs. 918.33 crores during the period ending 31 December 2023 as against Rs.428.03 crores during the same period ending 31 December 2022.

At 12:58 pm, the shares of Infibeam Avenue were trading 6.96% higher at Rs 36.90 on NSE.