Infibeam Shares Surge 7% As Company Signs MOU With IL&FS

Shares in Infibeam Corporation surged as much as 7 per cent, after the company signed an MOU with IL&FS.

The shares of the company were last trading at Rs 926, up 7.67 per cent on the National Stock Exchange (NSE).

"Infibeam Incorporation Ltd has informed BSE that the Company has entered into an MoU with IL&FS Township & Urban Assets Limited ("ITUAL") for undertaking and implementing projects in digital space and e-commerce for Central Government, various State Governments and Private Partners.

Infibeam shall set up a Special Purpose Vehicle ("SPV") which will be located at GIFT Two Building, GIFT City, Gandhinagar wherein Infibeam will provide its state-of-the-art technology and office premises for expanding and implementing digital projects that would be implemented by SPV. The said SPV will target indicative achievable revenue opportunity of INR 1,250 Crores over a period of 5 (Five) years starting from F.Y. 2017-18, " the company said in a release to the BSE.

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Story first published: Thursday, October 27, 2016, 12:47 [IST]

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Infibeam Shares Surge 7% As Company Signs MOU With IL&FS

Shares in Infibeam surged as much as 7 per cent, after the company said that it has signed an MOU with IL&FS