Infibeam to sell ecommerce unit to Rediff for Rs 800 crore

The board of Infibeam Avenues has approved the sale of its ecommerce business to Rediff.com for Rs 800.39 crore on a slump sale basis, according to an exchange filing on Friday. Of this, Rs 400 crore will be paid in cash, and the remaining Rs 400.39 crore through fresh issue of equity shares.

The deal will allow both companies to focus on their core businesses while unlocking value for shareholders and the broader ecosystem, said Vishal Mehta, chairman and managing director, Infibeam Avenues.

Infibeam said it will double down on digital payments and AI…