Annual report of 2016 quotes about this subsidiary as follows:
“Under the business model of e-commerce, the role of payment processor is very crucial in completing the financial transactions after the purchase is made by the customer. Infibeam has taken a strategic step by investing ₹600 million through its fully owned subsidiary NSI Infinium Global Pvt Ltd in leading payment solution provider company CC Avenue, to gain an advantage of incremental revenue by way of deep integration for customers shopping on BuildaBazaar merchant store and also on Infibeam.com. The payment integration is a very critical/equally important for the merchant in expanding his merchandise which on the other hand results into higher sales. CC Avenue is a leading payment processing solution provider for thousands of merchants across business verticals in expanding his merchandise which on the other hand results into higher sales.”
This doesn’t seem material for a 70% fall. Regarding the promoter holding, Mr. Vishwas Patel, who is a founder and has 11.45% holding is still being shown as public shareholder. He is executive director also. Is there any purpose for this shareholding?
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