Bajaj Finance to acquire 40% in Snapwork Tech

The NBFC major has entered into an agreement to acquire up to 40per centstake (fully diluted basis) in Mumbai-based Snapwork Technologies for an all cash consideration of up to Rs 93 crore.

Bajaj Finance Ltd (BFL) signed a Securities Subscription Agreement, Shareholders' Agreement and Share Purchase Agreementon Friday (25 November) with Snapwork Technologiesto acquire up to 40% stake in the latter by way of primary and secondary transactions.

The acquisition of Snapwork Technologies, which had a revenue of Rs 33.71 crore in FY22, is proposed with the intention to strengthen BFL's technology roadmap, the NBFC said. The transaction is expected to be completed prior to 31 December 2022, unless extended by the company,per the filing.

Incorporated in 2008, Snapwork Technologies is engaged in developing, consulting, providing, exporting, importing, marketing, dealing in and implementation of software technology and allied products for its clients and conducting research and development for the same.

BFL is mainly engaged in the business of lending. On consolidated basis, the company's net profit surged 87.8% to Rs 2,780.65 crore on 29% jump in net sales to Rs 9,972.63 crore in Q2 FY23 over Q2 FY22.

The BFL scrip advanced 0.96% at Rs 6811 on the BSE.

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