Get the latest news from Nation Next in your inbox.
Nagpur businessman Ravi Agrawal, Group Chairman, L7 Group, has become a 5.65% stakeholder in the e-commerce giant Infibeam Avenues, which owns the popular payment gateway service CCAvenue. Infibeam informed in a BSE filing that Agrawal, alonh with persons acting in concert (Suraj Omprakash Agrawal and Amita Agarwal) bought 47,23,5050 equity shares of the company from April 22 and April 24.These shares represent 0.71% of total paid-up equity of the company.
Agrawal now owns 3,74,98,240 shares (5.65%), through open market purchases. Agrawal said in a statement, "The recent Facebook investment in Jio augurs well for technology companies like Infibeam Avenues." As per a report in TOI, to any any say in the management of Infibeam Avenues, Agrawal will have to hold atleast 10% of the shares.
Infibeam Avenues was founded in 2007 by Vishal Mehta, who alogn with other promoters, owns 42% stake in the company.