 "Axis Bank to acquire over 5% stake in CredAble for Rs 55 crore by September")
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.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories
Over 30 subscriber-only stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app