The one and only listed e-commerce firm in the country, Infibeam is said to have made an offer of roughly USD 700 million for Snapdeal in the last week. This bid is lower than Flipkart’s USD 850 million offer. Experts believe that if the sale of Snapdeal to either Flipkart or Infibeam does not go through, then the company is likely to stay as an independent firm and start cost cutting through the ways of big layoffs and slashing business size.
Snapdeal has a very low cash reserves which may get a boost by selling its digital payments arm, Freecharge. Freecharge is already close to be bought by Axis Bank, reported a leading news agency.
Infibeam Incorporation Ltd is currently trading at Rs 1300.55, up by Rs 32.1 or 2.53% from its previous closing of Rs 1268.45 on the BSE.
The scrip opened at Rs 1274.9 and has touched a high and low of Rs 1312 and Rs 1265.05 respectively. So far 738542(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 6884.94 crore.
The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 1447.55 on 22-Feb-2017 and a 52 week low of Rs 657.5 on 27-Jul-2016. Last one week high and low of the scrip stood at Rs 1279.95 and Rs 1107 respectively.
The promoters holding in the company stood at 44.52 % while Institutions and Non-Institutions held 8.05 % and 47.42 % respectively.
The stock is currently trading above its 200 DMA.
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