Register
Login:
Share:
Email Facebook Twitter

RNS VIDEO: Reabold Resources #RBD raise £6 million and take stake in Danube Petroleum Watch here

EXCLUSIVE: HemoGenyx are creating blood cancer treatments with US$9 billion market potential


Regulatory News


DISCLOSURE IN TERMS OF REGULATION 30 OF SEBI LODR

Fri, 6th Oct 2017 16:00


RNS Number : 9849S
Axis Bank Limited
06 October 2017
 

 

AXIS/CO/CS/506/2017-18

 

6th October 2017

 

Dear Sirs,         

 

SUB: DISCLOSURE IN TERMS OF REGULATION 30 OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 ("LISTING REGULATIONS") READ WITH SEBI CIRCULAR DATED 9TH SEPTEMBER 2015.

 

This is with reference to the announcement dated 27th July 2017 regarding the Bank entering into a Share Purchase Agreement with Jasper Infotech Private Limited ("Snapdeal"), to acquire 100% equity capital of both Accelyst Solutions Private Limited ("Accelyst") & Freecharge Payment Technologies Private Limited ("FPTPL") (Accelyst and FPTPL collectively referred to as "Freecharge").

 

Pursuant to the receipt of approval for the said transaction from Reserve Bank of India, the Bank has completed the acquisition of Freecharge for a cash consideration of Rs. 373.27 crore, on a cash-free, debt-free basis. Shri Sangram Singh has been appointed as the CEO of FPTPL.

 

The particulars of the acquisition are provided in the Annexure hereto.

 

You are requested to take note of above and arrange to bring the same to the notice of all concerned.

 

Thanking you,

 

Yours faithfully,

For Axis Bank Limited

 

 

 

Girish V. Koliyote

Company Secretary

 

Encl: As above.

 



 

 

 

Annexure

 

Details which a listed entity needs to disclose for the events that are deemed to be material as specified in Para A of Part A of Schedule III of Listing Regulations.

 

1. Acquisition(s) (including agreement to acquire), Scheme of Arrangement (amalgamation/ merger/ demerger/restructuring), or sale or disposal of any unit(s), division(s) or subsidiary of the listed entity or any other restructuring:

 

1.1.       Acquisition (including agreement to acquire):

 

Particulars

Details

a) Name of the target entity, details in brief such as size, turnover etc.;

 

1.  Accelyst Solutions Private Limited (FY17)

 

Total Assets:      INR 106.8 crore

Total Income:   INR 42.2 crore

 

2.  Freecharge Payment Technologies Private Limited (FY17)

 

Total Assets:      INR 170.4 crore

Total Income:   INR 25.0 crore

 

b) Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "arm's length";

This agreement does not constitute a related party transaction and the promoter/ promoter group/ group companies do not have any interest in the entities being acquired.

 

c) industry to which the entity being acquired belongs;

Accelyst is primarily engaged in the business of payment processing services. FPTPL is primarily engaged in the business of operating payment system for semi-closed prepaid payment instruments and gift vouchers under the license issued by the Reserve Bank of India.

 

Together, Accelyst and FPTPL form a digital payment business.

d) objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity);

Acquisition of 100% shareholding of Freecharge. The business of Freecharge is not outside the main line of business for Axis Bank Limited.

e) brief details of any governmental or regulatory approvals required for the acquisition;

The requisite approvals from Reserve Bank of India have been obtained.

f) indicative time period for completion of the acquisition;

 

Completed

g) nature of consideration - whether cash consideration or share swap and details of the same;

Cash Consideration of Rs. 373.27 crore, on cash-free, debt-free basis.

h) cost of acquisition or the price at which the shares are acquired;

Consideration of Rs. 373.27 crore (cash-free, debt-free basis) for 100% shareholding of Freecharge.

j) brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief);

 

1.  Accelyst Solutions Private Limited

 

Date of Incorporation: July 29, 2008

 

Products / Line of Business: Digital Payments

 

Historical Turnover (Rs. In  crore):

Financial Year

2015

2016

2017

Income

35.1

36.1

42.2

 

Country: India

 

2.  Freecharge Payment Technologies Private Limited

 

Date of Incorporation: January 14, 2015

 

Products / Line of Business: Digital Payments

 

Historical Turnover (Rs. In  crore):

Financial Year

2015

2016

2017

Income

-

4.9

25.0

 

Country: India

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCOKADPQBDDOKK





Back to Regulatory News


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk




Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.