Infibeam Avenues has successfully completed the conversion of a significant portion of its partly paid-up equity shares to fully paid-up status. The company's Rights Issue Committee, in its meeting held on December 16, 2025, approved the conversion of 68,21,82,616 partly paid-up equity shares into fully paid-up equity shares upon receipt of the final call money of ₹5 per share.

Share Conversion Details

The conversion process was initiated following the company's earlier intimation dated November 10, 2025, which had fixed November 14, 2025 as the record date for payment of the first and final call money. Shareholders were required to pay ₹5.00 per partly paid-up equity share during the designated call period.

Reconciliation Statement

The company provided a detailed reconciliation of the share conversion process, showing the progression from approved shares to final conversion.

The conversion represents approximately 97.46% of the total partly paid-up equity shares that were allotted, indicating strong participation from shareholders in completing their payment obligations.

Corporate Communication

Infibeam Avenues dispatched call notices to eligible shareholders for the payment process and has made the intimation available on the company's website at www.ia.ooo . The company has informed both BSE Limited and National Stock Exchange of India Limited about the successful completion of the conversion process.

The conversion of partly paid-up shares to fully paid-up status strengthens the company's equity base and provides clarity on the final shareholding structure following the rights issue process.

Infibeam Avenues Limited announced significant strategic decisions during its board meeting held on December 11, 2025, marking a transformational shift toward artificial intelligence and advanced technology solutions. The comprehensive changes reflect the company's evolution from a digital payments provider to an AI-first technology enterprise.

Leadership Restructuring and Strategic Appointments

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the board approved the elevation of Vishwas Ambalal Patel from Joint Managing Director to Managing Director and Chief Executive Officer for a five-year term effective December 11, 2025. As Managing Director CEO, Patel will assume full responsibility for day-to-day operations and execution of the company's strategic plans, reporting directly to the Board.

Patel currently serves as Chairman of Payments Council of India (PCI), the primary industry body representing digital payments providers in India. With 23 years of experience in the digital payments industry, he emphasized that "This shift is not incremental, it is foundational. AI is no longer an enabler, it is central to who we are and what we are building."

According to Chairman and Managing Director Vishal Mehta, "With our strategic transformation complete and the Company entering a phase of accelerated AI-led growth, this is the right moment for Vishwas Patel to assume the role of MD CEO. His deep understanding of the payments business, strong merchant relationships, and ability to execute at scale make him the ideal leader for this next phase of growth."

New Independent Director Appointment

Simultaneously, the board appointed Ms. Neharika Vohra (DIN: 06808439) as Additional Woman Director (Non-Executive and Independent) for a five-year term beginning December 11, 2025. Vohra is currently a Professor in the Organizational Behaviour Area at Indian Institute of Management, Ahmedabad.

Dr. Vohra brings decades of scholarship and industry engagement to the board. A prolific scholar, she has published over 70 papers, authored 30 management cases, and co-written leading management textbooks. She has been deeply involved with IIMA Ventures, supporting entrepreneurship and innovation, and has advised numerous organisations on organisational development.

Strategic Name Change to Avenues AI Limited

The board approved changing the company name from Infibeam Avenues Limited to Avenues AI Limited, subject to shareholder approval, Ministry of Corporate Affairs consent, and other applicable statutory authorities. This rebranding signals evolution from payment and e-commerce infrastructure pioneer to an AI-driven digital payments and fintech powerhouse.

The board approved significant amendments to the Main Object Clause III(A) of the Memorandum of Association, expanding the company's business scope to include research, development, design, and creation of machine learning applications, real-time AI-driven decision-making technologies, and Software as a Service (SaaS) for large AI models and applications.

Market Position and Performance

The company maintains an international footprint with operations in the United Arab Emirates, Saudi Arabia, Australia, and the United States, and a presence in Oman in collaboration with three of the country's largest banks. The company processed transactions worth ₹8.67 trillion in FY25 across payments and platforms and serves over 10 million clients.