Financial services company Bajaj Finance Ltd said on Tuesday that it will acquire a 12.6% stake in mobile wallet company MobiKwik, reported PTI.
Business
oi-Olga
By Olga
Financial services company Bajaj Finance Ltd said on Tuesday that it will acquire a 12.6% stake in mobile wallet company MobiKwik, reported PTI.
Bajaj Finance Ltd to Acquire 12.6% in MobiKwik
In August 2017, it had entered into an agreement with One MobiKwik Systems to acquire its 10.83% stake for around Rs 225 crore. Due to a change in the conversion price of the compulsory convertible cumulative preference shares (CCCPS), Bajaj Finance will now be acquiring 12.6% of equity instead of said 10.83% in Mobikwik on a fully diluted basis post-conversion.
As per the agreement, Bajaj Finance will acquire 10 equity shares and 271,050 CCCPS of Mobikwik.
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