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Axis Bank on Tuesday said it will acquire over 5 per cent stake in fintech platform CredAble for Rs 55 crore and the deal is expected to be completed by September.
The bank will acquire 8,921 equity shares, equivalent to 5.09 per cent, of face value of Rs 10 each for Rs 55 crore in CredAble. The acquisition is expected to be completed by September 30, 2022, Axis Bank said in a regulatory filing.
CredAble is a fintech platform which enables working capital financing for vendors, distributors, dealers and retailors through its network of financial institutions. It also offers licensing of its technology to financial institutions as a co-branding solution.
Incorporated in July 2018, CredAble had a total income of Rs 8.35 crore in 2021-22. In FY2021, its income stood at Rs 2.46 crore and Rs 27.64 crore in 2019-20.
Axis Bank stock closed at Rs 730.25 apiece on BSE, down by 0.10 per cent from previous close.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Tue, August 02 2022. 22:04 IST