Satin Creditcare Network said that it has entered into an agreement to acquire approximately 9% stake in Jay Kay Financial Technologies (Rupyo).
Jay Kay Financial Technologies is engaged in the business of earned wage access related solutions.
Satin Creditcare will acquire compulsory convertible preference shares of Rupyo for cash consideration, at a mutually agreed pre-money enterprise valuation.
Satin Creditcare is the one of the leading NBFC-MFIs in the country with a strong presence in the underpenetrated regions of north and central India.
The company reported 29.5% fall in consolidated net profit to Rs 10.95 crore on a 4.7% decline in total income to Rs 325.91 crore in Q2 FY22 over Q2 FY21.
The scrip rose 0.92% to currently trade at Rs 98.75 on the BSE.
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