Shares of Infibeam Avenues Ltd. fell more than 9% on Wednesday after it turned ex-date for the spinoff of its digital marketing arm, Odigma Consultancy Services Ltd.
The company has set Sept. 11 as the record date for determining the eligibility of shareholders of Infibeam Avenues to issue and allot equity shares of Odigma Consultancy Solutions, according to an exchange filing.
As such, all those shareholders holding 89 equity shares of Infibeam Avenues as of Sept. 11 will receive one equity share of face value Rs 1 of Odigma Consultancy Solutions Ltd., the company said in the filing. "IAL will list its digital marketing arm on the Indian stock exchanges upon approval by regulatory authorities," it said.
"Odigma was acquired in 2014, and currently, it's one of the fully owned subsidiaries of Infibeam Avenues Ltd, catering many clients across India and abroad," the filing said.
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Shares of the company fell as much as 9.46% to Rs 27.55 apiece, the lowest level since July 26. It pared losses to trade 6% lower at Rs 28.60 apiece as of 10:14 a.m. This compares to a flat NSE Nifty 50 Index.
The stock has risen 39.34% on a year-to-date basis and 68.72% in the last 12 months. Total traded volume on the NSE so far in the day stood at 0.15 times its 30-day average. The relative strength index was at 43.15.
Both the analysts tracking the company maintain a 'buy' rating for the stock, according to Bloomberg data. The average 12-month consensus price target implies an upside of 27.5%.
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