Will look into m- cap rout, In­fibeam to share­hold­ers

Business Standard - - COMPANIES - VI­NAY UMARJI

In­fibeam Av­enues on Satur­day as­sured share­hold­ers that the firm was look­ing into Fri­day’s 70 per cent ero­sion in share prices, at the com­pany’s an­nual gen­eral meet­ing (AGM) here.

In­fibeam Man­ag­ing Di­rec­tor Vishal Me­hta made the state­ment at the be­gin­ning of his pre­sen­ta­tion. The topic did not come up for dis­cus­sion later. In­stead, the AGM stuck to its agenda on reg­u­lar matters of ap­point­ments and reap­point­ments of di­rec­tors, apart from seek­ing approval for rais­ing the au­tho­rised cap­i­tal to ~900 mil­lion from ~680 mil­lion.

Ac­cord­ing to peo­ple who at­tended the AGM, share­hold­ers, too, re­frained from rais­ing ques­tions over how the listed com­pany lost 70 per cent of its mar­ket value on a sin­gle day af­ter a What­sApp mes­sage raised con­cerns about its ac­count­ing prac­tices.

“Share­hold­ers are still con­fi­dent of the com­pany’s fi­nan­cial and growth strate­gies. Hence, no one raised ques­tions. How­ever, Me­hta did make a pass­ing ref­er­ence at the be­gin­ning of his speech and as­sured share­hold­ers that the com­pany was look­ing into the mat­ter,” said a per­son on the con­di­tion of anonymity. Rather, Me­hta’s pre­sen­ta­tion to share­hold­ers fo­cused on how the com­pany was mak­ing progress af­ter In­fibeam had clocked 90 per cent growth in con­sol­i­dated rev­enue to close at ~8.39 bil­lion in FY18.

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