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.
Snapdeal board approves Flipkart's $900-$950 million takeover offer, sources sayHow 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
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.