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Bajaj Finance to buy 11% stake in MobiKwik for Rs 225 cr

Reuters / 03 Aug 17 | 10:49 AM

Bajaj Finance Ltd said on Wednesday it would buy nearly an 11 per cent stake in mobile payments wallet company One MobiKwik Systems Private Ltd for about Rs 225 crore ($35.36 million).

Bajaj Finance will enter into a subscription agreement with MobiKwik to buy 10 equity shares and 271,050 compulsory convertible preference shares (CCPS), Bajaj Finance said.

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Post conversion of the CCPS, the company would hold about 10.83 per cent of equity in MobiKwik on a fully diluted basis, the company said in a statement.

E-payments in India surged after the country banned old, high-value currency notes late last year. Digital payments in India will jump nearly 10 times by 2020 to $500 billion, according to a 2016 report by Boston Consulting Group.

Axis Bank Ltd, India's seventh-biggest lender by assets, said in July it had agreed to buy rival mobile payments wallet provider FreeCharge from e-commerce company Snapdeal for Rs 385 crore.

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