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Info Edge proposes merger of subsidiary with Policybazaar parent

Insurance Policy Health Life

Info Edge (India) has proposed the amalgamation of its subsidiary Makesense Technologies with Policybazaar's parent company PB Fintech Ltd. At board meetings on April 15, both companies approved the amalgamation, which is subject to approval from the National Company Law Tribunal (NCLT). Info Edge, which operates Naukri.com and 99acres.com among others, is an early investor in Policybazaar. The insurance company's CEO Yashish Dahiya had said last year that the company plans to go for an initial public offering before September 2021. Earlier this month, Bloomberg reported that Policybazaar is planning to file a draft prospectus as soon as next month for an IPO that could raise $500 million. PB Fintech, earlier called Etechaces Marketing and Consulting, was founded in 2008 by Yashish Dahiya and Alok Bansal. Apart from Policybazaar, the company runs a call centre service, online doctor consultation service Docprime Technologies, Paisabazaar, and Accurex Marketing and Consulting. In the regulatory filing, InfoEdge said the amalgamation will streamline corporate structure, pool both companies' resources, significantly reduce multiplicity of legal and regulatory compliances currently required by both companies, rationalise costs, and reduce administrative responsibilities. Makesense Technologies operates in placement consultancy, personnel recruitment, staffing, professional hiring and management consultancy. 59,750 equity shares of face value INR 2 each, fully paid up and 60,030 compulsorily convertible preference shares of face value INR 20 each, fully paid up of the Transferee Company in the proportion of the number of equity shares held by the shareholders in the Transferor Company. Upon the scheme of amalgamation…

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