Bajaj Finance to acquire equity in MobiKwik
DSIJ Intelligence / 03 Aug 2017
Bajaj Finance has informed the exchange that the company has entered into a subscription agreement with One MobiKwik Systems Private Limited (MobiKwik) for acquisition of 10% equity shares and 2,71,050 compulsory convertible preference shares (CCPS).
Bajaj Finance has informed the exchange that the company has entered into a subscription agreement with One MobiKwik Systems Private Limited (MobiKwik) for acquisition of 10% equity shares and 2,71,050 compulsory convertible preference shares (CCPS).
Post conversion of CCPS, the company would hold approximately 10.83% of equity in MobiKwik on a fully diluted basis.
The value of the transaction envisaged is approximately Rs 225 crore and the conclusion of the transaction is subject to fulfillment of certain conditions in due course. The indicative time period for completion of this acquisition is 30 days.
The company has also entered into a shareholder’s agreement which would become effective on conclusion of the above investment transaction.
One MobiKwik Systems is an unlisted private company which had a turnover of Rs 38.07 crore in 2015-16. The company currently operates as a semi-closed wallet providing mobile, DTH and internet recharge, payment utility bills, and payments for purchase of goods or services from specific online and offline merchants.