DRC System, a de-merged entity of Infibeam hits BSE and NSE today

Mumbai: DRC Systems, an Information Technology and Consultancy Services provider, on Wednesday said that it has received required permissions and is getting listed on BSE as well as NSE.

The company that offers customized IT solution and consultancy services to clients in India and International will start trading from Wednesday on the browsers. Some of the marquee clients includes – Wipro Foundation, Indian Institute of Management – Bangalore (IIM-B), Airport Authority of India, Gujarat Metro Rail Corporation Ltd, King Khalid University, Ministry of Health and Family Welfare, Favre Leuba, IIK, Hong Kong based Allways, etc The Company’s customer base is spread across geographies and majorly to Europe, USA, Middle East and Asia, the company said in a statement Wednesday.

Infibeam Avenues, an Ahmedabad headquartered company recently said it would demerge its SME E-commerce and marketplace businesses to Suvidhaa and Theme Park; Event Software business to DRC.

Infibeam in a recent press statement had said pursuant to the approval of Composite Scheme of Arrangement from The National Company Law Tribunal, Ahmedabad Bench vide its order dated November 27, 2020, Infibeam Avenues Ltd demerged its Theme Park & Event business to DRC Systems. As consideration under the provision of the Scheme of Arrangement for the transfer and vesting of the Theme park & Event Software Undertaking, DRC Systems issued and allotted to each shareholder of Infibeam Avenues Limited, whose name was recorded in the register of members and records of the depositories as members of Infibeam Avenues Limited , on the Record Date i.e. December 11, 2020 in ratio of 1 (One) equity share of Rs. 10/- (Rupees Ten Only) each of DRC credited as fully paid-up for every 412 (Four Hundred Twelve) equity shares of Re. 1/- (Rupee One Only) each held by such shareholders in Infibeam Avenues Limited, the company said.