Axis Bank to acquire Freecharge for Rs 385 crore

NEW DELHI: India's third-largest private sector lender Axis Bank  today entered into an agreement to acquire payments wallet Freecharge for Rs 385 crore in an all-cash deal.

"This is to inform you, pursuant to approval from the Board of Directors of the Bank accorded on Wednesday, 26th July 2017, the Bank has today entered into a Share Purchase Agreement ('SPA') with Jasper Infotech Private Limited ('Snapdeal'), to acquire 100 % equity capital of Accelyst Solutions Private Limited ('Accelyst') & Freecharge Payment Technologies Private Limited ('FPTPL') (Accelyst and FPTPL collectively referred to as 'Freecharge'), subject to receipt of requisite regulatory approvals, including from the RBI, for a cash consideration of Rs. 385 crores," the bank informed BSE.

Alibaba-backed Snapdeal had bought Freecharge in April 2015 for an estimated USD 400 million or over Rs 2,500 crore at current rates.