Infibeam Avenues stock hits a 52-week high after fintech firm acquires 49% stake in Pirimid Fintech

Infibeam Avenues Share Price: Fintech company Infibeam Avenues hit a 52-week high of Rs 24.24 in morning trade on BSE on Friday (December 15, 2023) after the company picked up 49 per cent stake in Primid Fintech. 

The stock was trading 7.45 per cent higher, or Rs 1.67, at Rs 24.08 at 10:45 am on Friday.

The stock that closed at Rs 22.41 on Thursday evening started its trading session on Friday at Rs 22.74 before hitting the 52-week high. 

What is Infibeam Avenues-Primid Fintech deal all about?

Infibeam Avenues on Thursday announced its strategic foray into capital markets and digital lending software market by acquiring a significant 49 per cent equity stake in Pirimid Fintech.

The deal is worth Rs 25 crore. 

"This move is in direct response to the surging demand in the thriving global capital markets for cutting-edge secured and zero latency AI backed software to streamline trading, research and investment processes," said Infibeam Avenues in a statement.

Pirimid Fintech specialises in developing customised capital markets and digital lending products, tools, services, and workflows to meet specific client needs.

Notable clients include BidFX, a subsidiary of the Singapore Exchange (SGX), as well as financial institutions like Bank of Baroda and Indian fintech player Lendingkart.