Axis Bank acquires Accelyst and Freecharge for Rs 385 crore
The acquisition of Freecharge and Accelyst is expected to complete within two months, Axis Bank said.
Axis Bank on Thursday announced acquisition of Accelyst Solutions Private Ltd and Freecharge Payment Technologies Private Ltd for Rs 385 crore.
The bank in a regulatory filing said that they have entered into a Share Purchase Agreement with Jasper Infotech Private Ltd (Snapdeal) to acquire 100% equity capital of Accelyst and Freecharge.
The bank said that the approval of the Reserve Bank of India for acquisition of Freecharge was under the Banking Regulation Act, 1949 and RBI (Financial Services provided by Banks) Directions, 2016.
The acquisition is expected to complete within two months, the bank said.
At 1227 hours the shares of the bank were trading at Rs 531.75 per piece, up 0.55% or Rs 2.90 on BSE.