Axis Bank will buy over 5% stake in the fintech platform CredAble
Axis Bank said it will acquire 8,921 equity shares of Rs 10 each, representing 5.09% stake, of Equentia SCF Technologies (CredAble) for a total cash consideration of Rs 55 crore.
CredAble enables working capital financing across the corporate ecosystem of suppliers, distributors, dealers and resellers through its network of financial institutions via its proprietary technology (platform), as well as licensing its technology to financial institutions as a co-branding solution. The company had registered a turnover of Rs 8.35 crore in FY2022.
The bank expects to complete the transaction by 30 September 2022.
Axis Bank is the third largest private sector bank in India. As of 30 June 2022, the bank had a network of 4,759 domestic branches and counters spread over 2,702 centers compared to 4,600 domestic branches and counters spread over 2,628 centers at the end of 30 June 2021.
The private lender’s net profit rose 91% to Rs 4,125.26 crore on 12.2% rise in total revenue to Rs 21,727.61 crore in Q1 FY23 over Q1 FY22.
The scrip fell 0.12% to trade at Rs 729.35 on the BSE.
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