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.
SBI vs HDFC Bank vs ICICI Bank vs Bank of Baroda vs other banks: Latest FD rates compared
Looking to invest in stocks? These 4 banking shares must be on your purchase list for 2019
Axis Bank MD and CEO Shikha Sharma retires; Amitabh Chaudhry takes charge
SBI, HDFC, ICICI, Axis, PNB, other bank customers: Keep your money safe in 2019 with these stepsAxis 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.
ALSO READ:
Snapdeal board approves Flipkart's $900-$950 million takeover offer, sources say
How Freecharge got left behind in the digital payments race
Freecharge CEO Govind Rajan resigns a year after working in Snapdeal subsidiary
Mobile wallet firms FreeCharge, MobiKwik in talks regarding merger
Rakesh Jhunjhunwala's next big investment? Stock ace in queue with HDFC Bank, ICICI Bank, Axis Bank to buy this horror story's business